Releases of Model for the Automatic Exchange of Financial Information Statement from FACT Coalition Director Nicole Tichon

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FOR IMMEDIATE RELEASE
February 13, 2014

njacobs@nullthefactcoalition.org
Contact: Nick Jacobs
+1 (202) 841-1466

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 fromU.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-delivers-new-single-global-standard-on-automatic-exchange-of-information.htm.

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Founded in 2011, the Financial Accountability and Corporate Transparency (FACT) Coalition unites civil society representatives from small business, labor, government watchdog, faith-based, human rights, anti-corruption, public-interest, and international development organizations. We seek an honest and fair corporate tax code, greater transparency in corporate ownership and operations, and commonsense policies to combat the facilitation of money laundering and other criminal activity by the legitimate financial system.