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Turkey, US to share data on foreign account holders

Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa

22.07.2015
Turkey, US to share data on foreign account holders

ANKARA

Turkey and U.S. governments are set to sign an agreement to exchange financial data in a bid to combat tax fraud, Turkish Finance Minister Mehmet Simsek said on Wednesday.

The deal will allow financial institutions of the two countries to share data on Turkish citizens holding accounts in the United States and U.S. citizens with accounts in Turkey.

Simsek said that the new agreement due to be inked Thursday is based on the “Model 1” type that involves reciprocity in sharing data, while the “Model 2” was aimed solely at informing U.S. authorities.

"Model 1" and "Model 2", both created by U.S. authorities, are utilized in accordance with the nature of relations between U.S. and signatory states.

The Turkish minister said the U.S. has inked similar agreements with over 100 countries, including almost all of OECD and G20 members.

He noted that the deal would bolster fight against tax avoidance and evasion, encouraging people to voluntarily comply with the law.

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