Caymans Islands to report US citizens' assets

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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.

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