Bank secrecy “obsolete”!
On October 29, 51 countries signed the Multilateral Competent Authority Agreement, signaling their intent to "build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions.” Among other things, the Agreement extends to corporations the kind of mandatory banking transparency called for under FATCA.
For the OECD announcement and a list of the member countries, click here and, for a KPMG analysis of the implications, including a warning to those who may have "tax irregularities", here.
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