• FATCA G-5 Model Intergovernmental Information Sharing Agreements Released, with Substantial Benefits for Insurance Company FFIs (Including Reduced Due Diligence Burdens)
  • August 3, 2012
  • Law Firm: Sutherland Asbill Brennan LLP - Washington Office
  • On July 26, 2012, the Treasury Department released two versions of a model intergovernmental agreement (model IGA) for government-to-government information sharing under the Foreign Account Tax Compliance Act (FATCA). One version, the reciprocal version, contains reciprocal U.S. information sharing provisions. The second non-reciprocal version does not impose any information sharing requirements on the United States. Both versions of the model IGA provide a number of substantial benefits for foreign financial institutions (FFIs) resident in a country that enters into an IGA with the United States (FATCA-partner jurisdictions), thereby demonstrating Treasury‚Äôs increased understanding of the insurance business and its responsiveness to the detailed comments submitted by international insurance trade associations.