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Cayman Islands, UK reach agreement on reporting of citizens' assets in Caribbean territory

KINGSTON, Jamaica – The Cayman Islands and the United Kingdom have signed a pact for the British territory to automatically share information on accounts held by U.K. taxpayers.

The territory is considered the world’s sixth largest financial centre and a major haven for private equity.

Under the agreement signed Tuesday, Cayman financial institutions will report details on accounts substantially owned by people with U.K. tax-reporting obligations. The islands’ government will forward the information to the U.K.

Cayman Premier Alden McLaughlin says the pact shows the islands’ support for a single global standard for financial information exchange.

Earlier this year, the Cayman Islands said it had reached a similar agreement with the U.S. to comply with a sweeping law designed to combat tax evasion.