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OECD Releases of Model for the Automatic Exchange of Financial Information
Statement from FACT Coalition Director Nicole Tichon
Following today’s announcement by the OECD (Organization for Economic Co-operation and Development) of the release of their “Standard for Automatic Exchange of Financial Account Information: Common Reporting Standard,” the FACT (Financial Accountability and Corporate Transparency) Coalition released the following statement from its Director, Nicole Tichon:
“Today’s announcement is a major step forward in the fight against tax evasion – a fight that is clearly global in nature with significant local implications for governments. The fact that the model agreement draws from U.S. standards for governments to exchange financial information demonstrates the efficacy of the Foreign Account Tax Compliance Act (FATCA). And now efforts to repeal FATCA have been pushed on their heels, and the U.S. will need to move forward with the rest of the world. Our resolve to combat tax evasion and improve financial transparency is strengthened by this global commitment.”
The OECD report is available here: http://www.oecd.org/tax/oecd-