 In the first conviction of a non-Swiss financial institution for US tax evasion conspiracy, two Cayman Islands financial institutions pleaded guilty in Manhattan Federal Court in 2016 to conspiring to hide more than $130 million in Cayman Islands bank accounts.The companies admitted to helping US clients hide assets in offshore accounts, and agreed to produce account files of non-compliant US taxpayers.On 30 June 2014, the tax jurisdiction of the Cayman Islands was deemed to have an inter-governmental agreement (IGA) with the United States of America with respect to the "Foreign Account Tax Compliance Act" of the United States of America.