Treasury Releases FATCA Model-II Agreement and Reveals Negotiations with 50 Jurisdictions

            On November 15, 2012, the Treasury Department released its second model Foreign Account Taxpayer Compliance Act agreement for countries to participate, which requires direct reporting of U.S.-owned accounts by foreign financial institutions, together with the automatic exchange of information with the U.S.[1]  On November 8, 2012, the Treasury revealed that it is negotiating or having serious discussions about imminent FATCA IGAs with fifty jurisdictions.