FATCA: Spotlight on the model IGA

In February 2012, when the US Treasury Department issued the proposed Foreign Account Tax Compliance Act (FATCA) regulations, it was accompanied by a joint statement by five European countries that announced their intention to become FATCA Partner countries by signing a memorandum of understanding (MOU) with the US Treasury Department.In late June 2012, Switzerland and Japan announced that they too would join the UK, France, Italy, Germany and Spain in becoming FATCA Partner countries but at that stage, apart from a brief MOU template, the precise details of what this would contain were vague.

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