Singapore Signs FATCA IGA

On December 9, 2014, Singapore's Inland Revenue Authority announced that Singapore and the United States had on that day entered into a Model 1 FATCA IGA. This means that Singaporean financial institutions will report information on certain U.S. accounts to the Inland Revenue Authority, which will then send the information to the IRS. The text of the IGA makes no reference to the U.S. having any reciprocal obligations regarding Singaporean accounts at U.S. financial institutions, but the Inland Revenue Authority's press release alludes to future reciprocity: "Singapore and the US have been discussing a reciprocal FATCA arrangement, under which the U.S. would extend similar cooperation to Singapore."