(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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