MEXICO CITY Nov 20 Mexico's finance ministry
said on Tuesday it has approved an agreement with the U.S.
Treasury Department that aims to help stamp out tax evasion.
The agreement took two years to negotiate and was signed by
representatives from both governments in Washington on Monday,
according to a statement released by the finance ministry.
"Both parties agreed to substantially improve the mechanisms
for the exchange of banking and financial information to verify
(taxpayer) compliance," the statement said.
The ministry did not provide details on the agreement's
About $50 billion a year is siphoned illegally out of Mexico
due largely to tax evasion and trade manipulation, according to
a report published earlier this year by the Washington-based
anti-corruption advocacy group Global Financial Integrity.
Before becoming Mexico's central bank governor, then-finance
minister Agustin Carstens asked the United States to share more
information to allow Mexico to crack down on tax evasion by U.S.