By the Caribbean Journal staff
The British Overseas Territories of Anguilla, the British Virgin Islands, the Cayman Islands, Montserrat, the Turks and Caicos Islands and Bermuda have agreed to automatically share tax information with the UK and with the G5.
The Cayman Islands was the first territory to agree to automatic sharing, doing so last week.
“This represents a significant step forward in tackling illicit finance and sets the global standard in the fight against tax evasion,” said Chancellor of the Exchequer George Osborne. “I now hope others follow these governments’ lead and enter into similar commitments to this new level of transparency, removing the hiding places for those who seek to evade tax and hide their assets.”
The information shared will include names, addresses, dates of birth, account numbers, account balances and details of payments made into the overseas accounts.
It will also include information on accounts held by entities such as trusts.
The G5 first agreed on a model information exchange agreement with the US in June 2012 to implement the FATCA law.