(Bloomberg) Group-of-20 nations agreed to implement a global standard for automatically exchanging information between tax authorities by the end of 2015, the Organization for Economic Cooperation and Development said.

The endorsement is a step toward putting an end to “banking secrecy as we know it,” Pascal Saint-Amans, director of the OECD’s center for tax policy and administration, told reporters today in Sydney, where G-20 finance ministers and central bankers are meeting.

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