'Unprecedented success' in tackling offshore tax evasion: OECD

Global action by OECD countries to reduce tax evasion has resulted in a 24% global reduction in foreign-owned bank deposits held in international financial centres (IFC). The Global Forum on Transparency and Exchange of Information for Tax Purposes convened in Paris to discuss international efforts to advance tax transparency. "Ten years since the G20 declared the end of banking secrecy, the international community has achieved unprecedented success in using new transparency standards to fight offshore tax evasion," the OECD said in a statement ahead of the plenary meeting. Compris...