77,000 foreign banks to share tax info with US
77,000 foreign banks agree to share account information with US in tax evasion crack down
Associated Press
2014-06-02 11:42 PM

WASHINGTON (AP) -- The Treasury Department says 77,000 foreign banks have agreed to share information about U.S. account holders as part of a crackdown on offshore tax evasion.

The list released Monday includes 515 Russian financial institutions. Russian banks had to apply directly to the tax-collecting Internal Revenue Service because the U.S. broke off negotiations with Russia over an information-sharing agreement after Russia's actions in Ukraine.

Nearly 70 countries have agreed to share information from all their banks as part of a U.S. law that targets Americans hiding assets overseas.

Under the law, foreign banks that don't agree to share information with the IRS face steep penalties when doing business in the U.S.

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