The United States Department of the Treasury and the Internal Revenue Service have announced that jurisdictions with which the U.S. has reached agreement in substance under the Foreign Account Tax Compliance Act (FATCA) will be treated as if an agreement is in effect. The treatment will only apply to jurisdictions that have consented to disclosure and have reached agreement in substance prior to July 1st 2014. Beginning January 1st 2015, only signed agreements will be considered in effect. Until now, the U.S. has signed 26 FATCA agreements, and 19 agreements have been agreed to in substance. It has also been...