Switzerland and Singapore Join OECD Accord on Sharing of Bank Data

(Bloomberg) Switzerland and Singapore agreed to automatically share bank data across borders as governments around the world seek to crack down on tax evasion.

The accord backed by ministers at a meeting of the Organization for Economic Cooperation and Development in Paris commits 47 countries to sharing bank data across borders to prevent residents from dodging taxes, according to a statement issued by the OECD today.

“Tax fraud and tax evasion are not victim-less crimes: they deprive governments of revenues needed to restore growth and jeopardize citizens’ trust in the fairness and integrity of the tax system,” OECD Secretary-General Angel Gurria said in a statement. Today’s agreement “is another major step toward ensuring that tax cheats have nowhere left to hide.”

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