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Countries are closing in on combat with tax evasion.

DATE: October 31, 2014 | AUTHOR: atlawyers

29.10.2014 fifty-one countries signed new cross-border agreement on exchange of private finance information held by banks. This agreement shall force countries and especially offshore jurisdictions to disclose the names and financial assets of tax dodgers.

These standards have been developed by the Organization for Economic Cooperation and Development (OECD) and are expected to come into force not earlier than 2017. The list of signatories includes 28 EU countries, Bermuda, Cayman Islands and other countries. A number of countries (including Switzerland) will sign up at later date.

Another agreement aimed at combatting tax evasion on the corporate level is in being developed now.

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