Caymans 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.