Bank secrecy relating tax purposes will soon not exist as several countries and primary financial centres already committed to automatic exchange of tax information between various jurisdictions.
Following the ministerial meeting of the OECD beginning of May in Paris, where ministers from the 34 member countries discussed the relevance of rebuilding public trust by legitimate tax systems, the ministers ratified a Declaration on Automatic Exchange of Information in Tax Matters.
This Declaration was already signed by Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa.
Aim of the Declaration is for all countries to implement the global standard on automatic exchange of information, which was backed by G20 finance ministers last February. This standard binds jurisdictions to obtain all tax information from their financial institutions and exchange that information automatically with other jurisdictions every year.