I am pleased to be here for the signing of the agreement to facilitate implementation of the Foreign Account Tax Compliance Act.
We welcome Guyana’s commitment to intensifying our cooperation to improve international tax compliance.
Today’s signing marks a significant step forward in our countries’ efforts to work collaboratively to combat offshore tax evasion – an objective that mutually benefits our two countries.
The Foreign Account Tax Compliance Act, or FATCA, introduces reporting requirements for foreign financial institutions with respect to certain accounts held by U.S. persons and certain foreign entities in which U.S. persons hold a substantial ownership interest.
Because access to information from other countries is critically important to the full and fair enforcement of domestic tax laws, information exchange is a top priority for the United States. As such, we have been a leader in the development of new international standards for greater transparency through exchange of tax information.
Today, the signing of this FATCA agreement with Guyana signals our joint commitment to building a stronger, more stable, and more accountable global financial system.
By working together to detect, deter and discourage offshore tax abuses through increased transparency and enhanced reporting, I hope the U.S. –Guyana FATCA agreement will serve as another example of the deep and substantial links that positively bind the Guyana and U.S. economies.