The U.S. has begun reciprocal automatic exchanges of information under various FATCA IGAs

On October 2, 2015, the U.S. Internal Revenue Service (IRS) announced the exchange of financial account information with certain foreign tax administrations in compliance with their obligations under various intergovernmental agreements (IGAs) put in place to implement the Foreign Account Tax Compliance Act (FATCA).

IRS Commissioner John Koskinen stated that “meeting the September 30 deadline is a major milestone in IRS efforts to combat offshore tax evasion through FATCA and the intergovernmental agreements … FATCA is an important tool against offshore tax evasion, and this is a significant step in the process. The IRS appreciates the assistance of our counterparts in other jurisdictions who have helped to make this possible.”

Although the IRS news release does not reveal country names, it is assumed that one such country is Canada, following the Canada Revenue Agency’s confirmation that it had completed its first exchange with the IRS on September 30th relating to banking information for U.S. persons residing in Canada.