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.

via Mexico inks pact with U.S. to crack down on tax cheats | Reuters.