On July 26, 2012, the Treasury Department announced and published a model intergovernmental agreement to implement Foreign Account Tax Compliance Act (FATCA). The model agreement was developed in consultation with France, Germany, Italy, Spain and the UK, which they announced in a joint communique. The model agreement was published in two versions: a reciprocal version and a nonreciprocal version. The main difference between the two is that the reciprocal version requires the US to exchange information currently collected on accounts held in US financial institutions by residents of partner countries.