James W. Brewster
United States Ambassador
FATCA Intergovernmental Agreement Signing Remarks
– The Honorable Donald Guerrero, Minister of Finance
– Hector Valdez, Governor of the Central Bank
– Luis Armando Asuncion, Superintendent of Banks
– Magin Diaz, Director General
– Gabriel Castro, Superintendent
– Jose Manuel Lopez Valdez, ABA Executive President
– Distinguished guests, members of the press
Thank you all for coming.
This agreement today to implement the Foreign Account Tax Compliance Act, or FATCA as it is commonly referred to, is a significant advancement towards increased cooperation and transparency between the Dominican Republic and the United States.
FATCA is not just about combating tax evasion by U.S. citizens as many people believe. It will also allow Dominican authorities to crack down on Dominicans seeking to evade paying their taxes to the Dominican Republic by hiding those funds in the U.S. The agreement we signed will create a platform or mechanism for authorities from both countries to share information on those seeking to avoid taxes or hide illicit gains from corruption. This is a mutually beneficial, two-way agreement to strengthen the financial services industries from both of our countries.
Importantly, this agreement ensures consumer data is handled confidentially and there are safeguards in place to protect personal information.
Minister Guerrero and Superintendent Asuncion, this agreement would not have been possible without the collaboration between the Ministry of Finance and the banking superintendent and the US Treasury Department. Thank you for your efforts to increase transparency and please extend my gratitude to your teams. This agreement is a testament to the close relationship between our two countries.
Congratulations to all of you. Thank you.