Post by lairezippert on Jun 26, 2019 9:38:45 GMT 4
OECD figures show more than 90 jurisdictions participating in a global transparency initiative under the OECD’s common reporting standard (CRS) since 2018 have now exchanged information on 47m offshore accounts, with a total value of around €4.9 trillion (£4.3 trillion).
Voluntary disclosure of offshore accounts, financial assets and income in the run-up to full implementation of the automatic exchange of information initiative resulted in more than €95bn in additional revenue (tax, interest and penalties) for OECD and G20 countries over the 2009-2019 period. This cumulative amount is up by €2bn since the last reporting by OECD in November 2018.
Preliminary OECD analysis suggests automatic exchange of information is having a substantial impact on bank deposits in international financial centres (IFCs). Deposits held by companies or individuals in more than 40 key IFCs increased substantially over the 2000 to 2008 period, reaching a peak of $1.6 trillion (£1.2 trillion) by mid-2008.
These deposits have fallen by 34% over the past 10 years, representing a decline of $551bn (£500bn), as countries adhered to tighter transparency standards. The OECD says the onset of the automatic exchange of information initiative accounts for about two thirds of the decrease. Specifically, it has led to a decline of 20% to 25% in the bank deposits in IFCs, according to preliminary data. The complete study is expected to be published later this year.