Monetary Authority of Singapore Annual Report 2012/2013
  • COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM
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COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM

Concluding an Inter-Governmental Agreement on the Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA) is a United States (US) law which requires all financial institutions outside of the US to pass information about financial accounts held by US persons to the US Inland Revenue Service (US IRS) on a regular basis. Singapore will conclude with the United States a Model 1 Inter-Governmental Agreement (IGA), under which information is exchanged between Singapore and US agencies. The Model 1 IGA will help ease the compliance burden and facilitate financial institutions in Singapore to comply with FATCA.