Ambassador Margaret Ann Uyehara and Montenegrin Finance Minister Darko Radunovic signed an Intergovernmental Agreement (IGA) today to implement provisions of the Foreign Account Tax Compliance Act (FATCA) and to promote transparency between the two nations on tax matters. The agreement underscores our continued cooperation and strong bilateral relationship with Montenegro as well as growing international cooperation to curb offshore tax evasion.
Ambassador Uyehara thanked Minister Radunovic and his team for working so hard to make this Agreement happen. She said, “We welcome Montenegro’s commitment to improving international tax compliance. FATCA is yet another example of the deep and substantial links that positively bind the U.S. and Montenegrin economies.”
FATCA will enable Montenegrin banks to share reporting on financial accounts maintained by U.S. citizens with the U.S. Internal Revenue Service (IRS). The United States enacted FATCA in 2010 to combat offshore tax evasion by encouraging transparency and obtaining information on accounts held by U.S. taxpayers in other countries.