Cambodia and the United States have signed an agreement on the application of FATCA that requires financial institutions holding certain amounts of money in accounts managed by U.S. citizens to be required to disclose this information to the U.S. government. According to the Ministry of Finance statement, the deadline for reporting active accounts in the past year is June 29. “In the event of a delay in submission, insurance companies and financial institutions subject to fatCA reporting obligations should expect penalties, as outlined in the agreement,” the announcement said. The General Department of Taxation issued a statement on Friday reminding Cambodian financial institutions to comply with the reporting obligations of the U.S. Account Compliance Act (FATCA).