Daily Tax Report: International

Countries Swap Tax Data on Accounts Worth $11.2 Trillion

June 30, 2020, 12:02 PM

An international transparency initiative designed to help end global bank secrecy last year helped nearly 100 countries exchange account information on taxpayers, the Organization for Economic Cooperation and Development said Tuesday.

The OECD said its Common Reporting Standard enabled 97 jurisdictions to exchange data on 84 million offshore financial accounts held by their residents, covering total assets of €10 trillion ($11.2 trillion), in 2019. That is nearly double the amount exchanged in 2018, its first year of operation.

The CRS enables countries to automatically exchange taxpayer information on bank accounts held overseas.

“Automatic exchange of information is a game...

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