Switzerland and the US have renegotiated their agreement on the implementation of the US Foreign Account Tax Compliance Act (FATCA).

FATCA is a unilateral set of US regulations that have applied worldwide for all countries since 2014. It requires foreign financial institutions (FFIs) to disclose information on US accounts to the Internal Revenue Service (IRS) or pay a large penalty to the US government. Because of the administrative burden it imposed on FFIs, most governments made agreements with the US facilitating these data transfers. These intergovernmental agreements (IGAs) generally fell into one of two types, Model 1 or Model 2....