The end of Bank secrecy ?

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More than fifty countries signed off on a treaty about the end of bank secrecy.

On Wednesday in Berlin, they agreed to set up an automatic exchange of financial information before 2017-2018 to satisfy countries’ fiscal purposes. This measure is going to put an end to the bank secrecy.

For the first time, the international conference of the OECD, around Wolfgang Schäuble, German Minister of Finance and Michel Sapin, his French counterpart, officialized the end of the bank secrecy.

In the deal, they promise to communicate all their count database, the interests, the dividends on the bank accounts of nonresidents to the administrations of the country of origin. ““In the end it can’t be the case that international companies pay less tax than the corner bakery, and beggar-they-neighbor fiscal policy is always unfair,” trumpeted Wolfgang Schäuble, in an interview granted to four European daily papers.`

The exact number of countries that will sign up to the Multilateral Competent Authority Agreement on Wednesday is not yet clear as new countries are planning to join the lot. A number of traditional tax havens will be among the signatories and several more countries signed up at the last minute last week, said Wolfgang Schäuble.

 

Emmanuel Trumer, IEJ 3F

 

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