$ 11 trillion offshore assets discovered after 100 countries shared information on 84 million bank accounts
The governments of nearly 100 countries have been sharing information from bank accounts abroad in an effort to crack down on tax evasion. Their “automatic information exchange” has led to the discovery of 10 trillion euros ($ 11 trillion) in offshore assets in 84 million bank accounts.
The Organization for Economic Cooperation and Development (OECD) said on Tuesday that the international community continues to advance against tax evasion on offshore accounts offshore. The group revealed the following:
“Nearly 100 countries carried out an automatic exchange of information in 2019, which allowed their tax authorities to obtain data on 84 million financial accounts held abroad by their residents, covering total assets of € 10 trillion.”
Governments began sharing offshore banking information in 2018, the OECD noted, adding that information on 47 million bank accounts was exchanged at the time, representing 5 trillion euros. The significant growth from € 5 trillion to € 10 trillion this year “stems from an increase in the number of jurisdictions receiving information, as well as a broader scope of information exchanged,” explained the Paris-based international organization.
OECD Secretary General Angel Gurría believes that “the automatic exchange of information is a game changer”, adding that “the discovery of previously hidden accounts thanks to the automatic exchange of information has generated and will generate billions in revenue additional prosecutors. “
The Tax Justice Network estimated that governments lose $ 189 billion a year from $ 21–32 trillion in private wealth accounts abroad, while the International Monetary Fund (IMF) estimates that tax evasion is approximately $ 12 billions a year worldwide.
The June issue of the Crypto Research Report lists “deposits abroad” among the top cryptocurrency use cases, echoing the finding that describes a report prepared by the Satis Group. The Satis report estimates the following:
“Cryptocurrencies with the use of blockchain will penetrate approximately 91% of the offshore deposit market over the next decade.”
The group also estimated that the offshore deposit market will grow “due to capital controls, national debt, unpopular fiscal policy and the degradation of national fiat currencies.”
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