The Dutch Deputy Minister of Finance, Jan Kees de Jager, has closed a deal with the Cayman Islands to facilitate the exchange of financial information.

The islands – a British overseas territory located in the western Caribbean Sea – have long been a tax haven. However, this status now appears to be coming to an end. The islands have closed similar exchange of information agreements with ten other countries.

The Dutch authorities estimate that foreign bank accounts hold approximately seven billion euros on which Dutch tax has not been paid.

Photo of flag of the Cayman Islands by erjkprunczyk (flickr)