The amount of financial information requests received by Luxembourg in the past ten years has jumped from 832 to 2,309 in the ten years since the G20 ended bank secrecy.
Under the Automatic Exchange of Information in Tax Matters (AEOIA) and the Common Reporting Standard (CRS), thousands of bilateral 'exchange relationships' between countries are happening, which have enabled more than 250,000 requests for information over the past decade.
In 2018, nearly 100 member jurisdictions automatically exchanged information on 47 million financial accounts, covering total assets of €3.9trn, according to the 10th OECD report by the global forum on transparency and exchange of information for tax purposes.
The global forum has created powerful momentum to change the way countries think about tax matters"
"The global forum has created powerful momentum to change the way countries think about tax matters," said Pierre Gramegna, Luxembourg's finance minister, and creates the impetus to "establish a true level playing field in the area of tax transparency," local news outlet LuxTimes reported.
Countries are rated from non-compliant to compliant for their commitment to transparency and the exchange of financial information. Luxembourg falls short of reaching the top label, as it was deemed only 'largely compliant'.
Following a review, Switzerland has said it will amend its domestic framework for the automatic exchange of information, in line with recommendations made by the Global Forum on Transparency and Exchange of Information for Tax Purposes.