The agreement, which Argentine officials said they were pursuing in September, is part of a government crackdown on alleged tax evasion by individuals. Argentina also has implemented a tax amnesty plan to recover an estimated $500 million in assets held abroad.
In a December 23, 2016 statement, Treasury Secretary Jacob J. Lew said the U.S. hopes the agreement and increased collaboration will “make a meaningful contribution to the efforts of President Macri's government to rebuild institutions, reestablish credibility, improve governance, and implement structural reforms.”
Quyen Huynh, associate international tax counsel at Treasury, said December 16, 2016 at a George Washington University tax conference in Washington, that the U.S. is also pursuing a full tax treaty with Argentina, and is expected to negotiate through 2017.
Both of these events are indicative of Washington's approval of the President Mauricio Macri free-market reforms.
US Treasury Secretary Jack Lew said on December 23, 2016 that "This agreement furthers Argentina's reintegration in the global economy and marks an important next step in the new era of the US - Argentina relationship."
Argentina's finance ministry said in a statement the agreement would help the government identify undeclared assets in the United States as well as combat money laundering and the potential financing of terrorism.
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