The Treasury Department of the United States, through the inland revenue service (IRS) has announced that it will take into account the "good faith" of financial institutions outside the United States who will have to make adaptations in order to comply with the law and will not issue penalties for delays between 2014 and 2015.

A statement by Deloitte.com states that "The years 2014 and 2015 will now be considered as periods of transition and compliance with due diligence processes by the IRS ..." "... And for review of compliance with Chapters 3 and 61, referring to reporting of information by foreign and domestic entities ...".

Source: Deloitte

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Panama Now has Agreement with U.S. Over FATCA

June 2014

451 Panamanian companies, among them banks, securities, trust companies and others have already registered for compliance with the standard.

Although the U.S. Treasury Department recently announced the extension of the deadline for enactment of the FATCA law, countries are still signing agreements establishing the financial reporting on U.S. citizens who have bank accounts abroad.

Honduras Signs Agreement on FATCA Law with U.S.

April 2014

Movements in the bank accounts of U.S. citizens residing in Honduras will be reported to the Treasury Department of the United States.

The Law on Foreign Account Tax Compliance (FATCA) is a U.S. law that requires citizens of that country, including those living abroad to provide information regarding money held in bank accounts outside the United States by requiring foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. customers. The U.S. Congress enacted this law to make it harder for U.S. taxpayers to hide assets and shell companies held abroad, in order to prevent tax evasion.

USA - Costa Rica Agreement on FATCA Law

December 2013

The two countries have signed an intergovernmental agreement to improve international tax compliance under the FATCA law.  

From a statement by Deloitte:

"On November 26, 2013 Costa Rica and the United States signed an intergovernmental agreement (IGA for short) to improve international tax compliance regarding the FATCA law.

U.S. Defers Enforceability of FATCA

July 2013

The fulfillment of the obligation to report on foreign bank accounts belonging to U.S. citizens has been postponed to July 1, 2014.

This was announced by the U.S. Treasury through a statement, explaining that "due to the huge interest from countries around the world" the deadline to comply with the Law on Foreign Account Tax Compliance (FATCA), will be extend by six months, that is until July 1, 2014.