Bottom Line: Cayman Islands to report US Citizens' assets
GEORGE TOWN, Cayman Islands (AP) - The Cayman Islands has signed an agreement with the U.S. government to fight offshore tax evasion and encourage financial transparency.
The U.S. Department of Treasury said in a statement Friday that the Cayman Islands will share tax information about U.S. account holders with the U.S. Internal Revenue Service.
The Cayman Islands signed a similar pact with the United Kingdom earlier this month.
The British territory is considered the world's sixth largest financial center and a major haven for private equity.
