Chile Committee Limits Banking Secrecy Lifting in Tax Measure

Chile’s Senate Finance Committee approved changes that limited plans to lift banking secrecy and allow anonymous whistleblowers, clearing the way for the full Senate chamber to vote again on the bill.

The vote Friday resolved two of the most contentious issues that delayed the bill’s passage through parliament. Under the approved changes, banking secrecy can be lifted in two scenarios.

In the first, taxpayers will need to approve requests by the tax authority to access their banking information. But in cases where potential tax crimes are being investigated, or taxpayers have repeatedly ignored fines from authorities, investigators can request ...