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

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)  accounts for about two thirds of the decrease. Specifically, it has led to a decline of 20% to 25% in the ...