Seychelles has committed to join the initiative launched by the G5 nations for the automatic exchange of tax information.
Seychelles is the 46th country to join the initiative launched by the G5 countries of the UK, France, Germany, Italy and Spain.
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As part of the agreement, G5 nations will receive tax information about their taxpayers with accounts in Seychelles, which will enable them crack down on tax evaders.
The G5 initiative aims to clamp down on tax evasion and will rapidly eliminate the hiding places for those who seek to avoid their taxes.
The finance ministers of the G5 countries said: "We call on other financial centers to match the commitment made by the Seychelles, and by 45 other countries and jurisdictions, so that we can rapidly stamp out tax evasion on a global basis."
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