The UK treasury department have roped in all remaining British Overseas Territories under its G5 model for tax transparency.
Anguilla, Bermuda, the British Virgin Islands, Montserrat as well as the Turks and Caicos Islands have all signed up to the pact, allowing information on overseas accounts to be exchanged not only with the UK, but also with France, Germany, Italy and Spain.
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"This represents a significant step forward in tackling illicit finance and sets the global standard in the fight against tax evasion," George Osborne said.
"I now hope others follow these governments’ lead and enter into similar commitments to this new level of transparency, removing the hiding places for those who seek to evade tax and hide their assets."
The deal comes after the Cayman Islands recently announced it would be joining the G5 pilot, with Jersey and Guernsey having already agreed to automatic transfer of information back in March.
Global crack down
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By GlobalDataEU countries are responding to a growing pressure from the US to enhance transparency between countries and fight global tax evasion.
Under the new US FACTA bill, businesses working within the country who do not comply with the agreement will pay higher foreign company taxes.
Several major banks have been heavily fined for their involvement in helping clients avoiding tax. Most recently, a Swiss banker working for Coutts was arrested on its arrival in the US
