A committee created by the Ministry is coordinating with stakeholders in order to identify all financial institutions under the scope of FATCA and invite them to register with the IRS by 5 May 2014.

Under the Model 1, foreign financial institutions have to report all information required under FATCA concerning US accounts to their home governments, which are then required to report the information to the US Internal Revenue Service.

All Gulf Cooperation Council countries are in discussions about finalising the FATCA agreement prior to 1 July 2014, in order to prevent fines being imposed on their financial institutions. Ongoing negotiations are also due to be finalised by 19 other jurisdictions.