Tax information sharing causes 25% drop in IFC bank deposits: OECD

Pedro Gonçalves
clock • 2 min read

Automatic exchange of information on financial accounts has reduced bank deposits held in 46 key international financial centres (IFCs)  by 25% since 2008, an OECD report has revealed. Overall, cross-border bank deposits held in 40 key international financial centres by companies and individuals have fallen by 34% from their 2008 peak of $1.6trn, declining by $551bn. The OECD says the onset of automatic exchange of information (AEOI) under the OECD's Common Reporting Standard (CRS)  accoun...

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