U.S. signs two more FATCA agreements

The Treasury Department announced Wednesday that the U.S. had inked two more agreements with other countries to implement a key measure cracking down on offshore tax evasion.

{mosads}The U.S.’s agreements with Canada and Hungary to implement the Foreign Account Tax Compliance Act, or FATCA, brings the number of signed accords to 22, with another dozen agreements in principle.

“FATCA implementation is critical to combating international tax evasion and promoting transparency,” Robert Stack, Treasury’s deputy assistant secretary for international tax affairs, said in a statement. “The agreements announced today clearly demonstrate the considerable international support behind FATCA and we are proud to lead the global charge on this pressing issue.”

FATCA, which helps the U.S. government get access to offshore accounts held by American taxpayers, is scheduled to go into effect in July. Republicans have blasted the law, and recently called for its repeal.