Governments in nearly 100 countries have been sharing offshore bank account information in an effort to crack down on tax evasion. Their “Automatic exchange of information” has led to uncovering 10 trillion euros ($11 trillion) in offshore assets in 84 million bank accounts.
The Organisation for Economic Co-operation and Development (OECD) said on Tuesday that the international community continues making progress against offshore tax evasion. The group revealed:
Nearly 100 countries carried out automatic exchange of information in 2019, enabling their tax authorities to obtain data on 84 million financial accounts held offshore by their residents, covering total assets of EUR 10 trillion.
Governments began sharing offshore bank information in 2018, the OECD noted, adding that information on 47 million bank accounts was exchanged at that time, representing 5 trillion euros. The significant growth from 5 trillion to 10 trillion euros this year “stems from an increase in the number of jurisdictions receiving information as well as a…