77,000 foreign banks to share tax info with US

The Treasury Department says 77,000 foreign banks have agreed to share information about US account holders as part of a crackdown on offshore tax evasion.
The list released today includes 515 Russian financial institutions. Russian banks had to apply directly to the tax-collecting Internal Revenue Service (IRS) because the US broke off negotiations with Russia over an information-sharing agreement after Russia's actions in Ukraine.
Nearly 70 countries have agreed to share information from all their banks as part of a US law that targets Americans hiding assets overseas.
Under the law, foreign banks that do not agree to share information with the IRS face steep penalties when doing business in the United States.