The key date in the fight against offshore non-compliance is April 2009. Under the Presidency of the United Kingdom the leaders from the G20 countries declared that ‘the era of bank secrecy is over’. This was more of a call to action than a fait accompli. The London summit initiated a process which is rapidly leading to the elimination of bank secrecy as a veil behind which tax evaders both individuals and corporations can hide. Once the G20 gave its political support to this work the OECD was able to move forward quickly to put in place a framework to achieve this objective.
An inclusive Global Forum on Tax Transparency was created which now brings together over 100 countries. The tax transparency and exchange of information...
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