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OECD program uncovers €4.9 trillion in offshore holdings

An intergovernmental initiative to crack down on tax cheats has uncovered €4.9 trillion (USD 5.5 trillion) held offshore for individual and corporations in approximately 47 million bank accounts.

OECD program uncovers €4.9 trillion in offshore holdings
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The data, published Friday by the Organisation for Economic Cooperation and Development (OECD), is the result of a broader effort by the Group of 20 to stop the criminal exploitation of bank secrecy laws by tasking nations to automate information-sharing on bank accounts held in their jurisdiction on behalf of foreign nationals.

Read more at KYC360

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