The agreements will follow the model intergovernmental agreements published by the US on 26 July 2012 and will be similar in form to the agreement signed between the US and the UK on 12 September 2012.
Jersey has said that the decision to enter into the agreements is after having had consultations with industry representatives, who have given their support for the proposed course of action and is after discussions between the three Crown Dependencies and the US.
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Once signed, the agreements will need to be ratified by each of the Island’s parliaments and will be implemented through the domestic legislative procedures in each jurisdiction.
Jersey’s chief minister, Senator Ian Gorst, remarked, "Implementing FATCA is necessary for our finance industry to remain competitive and doing so through an intergovernmental agreement is considered to be the best course to adopt. It is our intention to negotiate this with the US Government, in partnership with Guernsey and the Isle of Man."
"This is also the course being adopted by many other countries, and it has industry support. This announcement is intended to provide certainty for our industry as they prepare for FATCA," Gorst added.
While Guernsey’s chief minister, deputy Peter Harwood, said, "Basing FATCA implementation on an intergovernmental agreement is preferred by industry in all three Crown Dependencies. We are pleased to confirm our joint intention to follow this approach with the US government. This announcement today provides certainty for our business community as they also prepare for FATCA."
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