Greece-US joint initiative to tackle tax evasion tabled in Parliament

A memorandum of understanding between Greece and the United States that aims to fight tax evasion and money laundering was submitted to parliament on Friday by the finance ministry. The agreement will help with implementation of the US’s Foreign Account Tax Compliance Act (FACTA), which was enacted in 2014.

As part of the agreement, all information that is included on a financial declaration will be automatically shared between the two countries in order to make it harder to avoid taxation.

According to the bill that ratifies this agreement, financial institutions that do not comply with the obligation to automatically exchange information will be fined 5,000 euros.