According to a joint statement published 2 August 2016, Singapore and the U.S. are committed to the negotiation of a tax information exchange agreement and a reciprocal FATCA agreement for the exchange of financial account information. Both agreements are to be finalized and signed by the end of 2017 and will be the first of their kind between the two countries, although a non-reciprocal FATCA agreement is currently in force that was signed in 2014.