Treasury signs new tax evasion agreements

The Treasury Department has now signed up six other governments to help in its battle against offshore tax evasion.

Bermuda, Malta and the Netherlands all signed bilateral agreements with the U.S. this week to implement the Foreign Account Tax Compliance Act (FATCA), which seeks to unmask taxpayers using foreign accounts to cheat on their taxes.

Jersey, Guernsey, and the Isle of Man – all crown dependencies of the United Kingdom – also inked agreements.

The United States has now signed 18 agreements in all, and has agreements in principle with 11 other countries.

“FATCA continues to gather momentum as we work with partners worldwide to combat offshore tax evasion,” Robert Stack, Treasury's deputy assistant secretary for international tax affairs, said in a statement.   

“This large number of signings in one week alone sends a strong signal to tax evaders everywhere: International support for FATCA is growing.”