UK Inks Pact With US To Help Catch Tax Cheats

By Ian Thoms (September 17, 2012, 2:19 PM EDT) -- The U.K. on Friday became the first country to sign a pact agreeing to share tax information with the U.S. in an effort to thwart tax cheats.

Drafted in accordance with the federal Foreign Account Tax Compliance Act, the agreement creates a framework for U.K. and U.S. financial firms to report account information to their nations' respective tax authorities, which will be followed by an automatic exchange of such information between the countries. A model agreement, disclosed in July, was developed by the U.S. in conjunction with the U.K., France, Germany, Italy and Spain.

The U.S. Department of the Treasury says...

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