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Cayman, US reach agreement on accounts information-sharing law designed to catch tax cheats

Published:Friday | August 16, 2013 | 4:56 AM

(AP):

The Cayman Islands says it has reached agreement with the United States to provide information on accounts held by American citizens to comply with a sweeping United States (US) law designed to combat tax evasion.



The British Caribbean territory, considered the world's sixth largest financial center and a major haven for mutual funds and private equity, said the texts of the new pacts will be made public once an official signing ceremony is held.



The Cayman government said the pacts are tied to a US law called the Foreign Account Tax Compliance Act, which was enacted in 2010 and expected to take effect next year.



The law targets non-tax compliance by US citizens with foreign accounts around the globe, and Washington is pressing nations to provide client data.



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