The Bahamas has secured further approval by the US Treasury of its Know-Your-Customer rules and its qualified jurisdiction status under the Internal Review Services program, through the signing of an agreement for the provision of information with respect to taxes and for other matters between the two Governments.
Under the agreement, The Bahamas has made a commitment to provide as of 2005 (i.e, for taxable years which begin in January 1, 2004) information that may be available in The Bahamas that is relevant to a particular case, where the United States Government has exhausted all measures within the United States, and the Ministry of Finance in The Bahamas is of the opinion that sufficient evidence exists to support criminal tax evasion of United States federal tax.
