Hong Kong, U.S. Sign FATCA Agreement; Awaited by Financial Community

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Nov. 13 — In a move long anticipated by the global financial community, Hong Kong and the U.S. signed an intergovernmental agreement to facilitate compliance with the Foreign Account Tax Compliance Act.

The IGA requires Hong Kong financial institutions to register under the law and negotiate separate, individual pacts with the Internal Revenue Service to share information on their U.S. account holders under FATCA. The first round of reporting doesn't start until March 2015.

The signing was announced by the Hong Kong government Nov. 13.