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Friday, December 09, 2022

The US said it expects to sign a new deal “soon” to trace Argentina’s accounts

WASHINGTON.—The United States government said it expects to “soon” sign a new financial information exchange agreement with Argentina that will allow the government to more easily track and track the nearly $100,000 million deposited in Argentine accounts abroad. A tool that will allow the Minister of Economy, serge massaexpected to be able to use reducing tax evasion and returning new dollars,

A Joe Biden administration official told Country what was there “good progress” With the national government towards a reciprocal intergovernmental agreement under the Foreign Account Tax Compliance Act, or “FATCA”, for its abbreviation in English, that strengthens the exchange of financial information between Argentina and the United States and accelerates.

,We believe that good progress has been made in our negotiations regarding a reciprocal FATCA Model 1A intergovernmental agreement with Argentina, as well as the necessary amendments to the document, and we look forward to signing it soon”, said the official.

Argentina already shares financial information with the United States to track funds from Argentina deposited in that country and reduce tax evasion, but the new agreement does not offer a formal request for information. Case by case will allow the queries to be completed automatically. Case. In government they believe there are about US$100,000 million in deposits in accounts overseas, and that information provided by the United States would help them locate them more easily.

The new agreement was woven between AFIP and Internal Revenue Service United States of America (IRS). Massa raised the topic on his first visit to the United States as head of the Palacio de Hacienda, and discussed them briefly in his meetings with Democratic administration officials at the State Department, the White House, and the Treasury Department. . Minute, Treasury Secretary Janet Yellen. Prior to that previous meeting, sources in the MASA delegation were very cautious about the prospects for the new agreement to come into force, despite the fact that technical work had already been completed. The final step was the final approval of the Treasury, a political decision that some experts considered difficult to achieve.

But as the days passed, optimism began to gain ground, and after Massa’s meeting at the Treasury, hope decisively turned toward a certain progress and the signing of a new agreement. Joe Biden’s government has not only been perceptive to requests from the Argentine government and sought to build a fruitful relationship, but the fight against tax evasion has been one of the great vectors of economic management under Yellen’s leadership.

The new agreement provides another clear sign of the harmony between Casa Rosada and the White House, and strengthens the link between Buenos Aires and Washington. And it also provides a gesture of trust by allowing the government to access sensitive information that can be used for political purposes, not just for the purpose of reducing tax evasion or encouraging the repatriation of money outside the Argentine system. From. In fact, the risk of political leaks was one of the aspects that raised questions about whether the signature would take place. the same precarious posture of the Argentine government in foreign policy, Especially with regard to regional authoritarian regimes: Venezuela, Cuba and Nicaragua.

Massa, with polished political contacts in the United States, devoted space in Washington to discussions of the agreement his first time as minister, and again this week in Buenos Aires with some of the most influential figures in Washington on the subject. Touched on: Democratic Senator Bob Menendez, a “hawk” of Cuban descent who chairs the Senate Foreign Relations Committee. From there, Menendez continues to exert a strong influence on US foreign policy and also on the Biden White House, which cannot afford to lose the support of any Democratic senator.

The US law under which the settlement was reached was signed in 2010 during the government of Barack Obama, with the specific aim of locating American thieves abroad. Latin America’s main economies, Brazil, Colombia and Mexico, already have an implemented agreement with Argentina, which Argentina is finalizing, according to information from the Treasury. Also other European countries, such as Germany, Spain, Denmark, France or the United Kingdom.

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