On February, 14 2013, the US and Switzerland signed a bilateral agreement to implement the Foreign Account Tax Compliance Act (FATCA). In addition, on January 23, 2013, the US and Ireland signed their own bilateral agreement to implement FATCA. The US is averaging about one bilateral FATCA agreement signed per month. While this seems like a rather tepid pace, as far as international agreements go it is actually rather brisk especially given that these nations are promising to share banking information.

While the US continues to sign FATCA agreements at this brisk pace, it is notable that no country from Asia or South America has yet signed one. From previous statements, it is clear that the US is in talks with  Japan and other major countries in region, but with no luck in getting an agreement signed.

While the US has done a good job getting FATCA agreements signed with its European allies, it seems that the countries in Asia have been more resistant to signing FATCA agreements; in the coming months,it will be important to see if the US is able to sign FATCA agreements with countries in regions without a good history of working bilaterally.