Worldwide: Hong Kong Agrees In Substance To FATCA IGA

On May 9, 2014, the U.S. Treasury announced that Hong Kong had agreed in substance on a Model 2 FATCA IGA.  Under the  IGA, Hong Kong financial institutions will report information on financial accounts held by U.S. persons directly to the Internal Revenue Service.  Hong Kong is only the seventh country to have chosen a Model 2 IGA.