The US Treasury Department has announced that more than 77,000 foreign banks have agreed to share information about US account holders with the IRS as part of a crackdown on offshore tax evasion.
The list released includes 515 Russian financial institutions.
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Reuters reported that more than 500 US businesses also registered, including Citibank, JPMorgan Chase, various hedge funds, and exchange company CME Group.
Nearly 70 countries have registered with the US to comply with the Foreign Account Tax Compliance Act (FATCA) law that targets Americans hiding assets overseas.
Under the act introduced in 2010, the foreign banks will share information related to US account holders with the Internal Revenue Service (IRS).
The new law mandates a 30% tax on the foreign banks in the country that do not agree to the act, starting July 2014.
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By GlobalData"The strong international support for FATCA is clear, and this success will help us in our goal of stopping tax evasion and narrowing the tax gap," said Robert Stack, deputy assistant treasury secretary for international tax affairs.
Earlier during the month, Swiss bank Credit Suisse had plead guilty to the criminal charges levied against it for helping US citizens in evading taxes by hiding their wealth in foreign accounts.
