Unprecedented success fighting offshore tax evasion

New transparency standards

Ten years since the G20 declared the end of banking secrecy, the international community has achieved unprecedented success in using new transparency standards to fight offshore tax evasion. Working through the Global Forum, 158 member jurisdictions have implemented robust standards that have prompted a tidal shift in exchange of information for tax purposes.

At the heart of this shift are thousands of bilateral exchange relationships now in place, which have enabled more than 250 000 information exchange requests over the past decade. According to data in the Global Forum’s 10th anniversary report, in 2018 nearly 100 member jurisdictions automatically exchanged information on 47 million financial accounts, covering total assets of USD 4.9 trillion. In total, more than EUR 100 billion in additional tax revenue has been identified since 2009.

https://oecd.org/

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