OECD issues paper on the impact of exchange of information on foreign-owned bank deposits in IFCs

On 28 November 2019, the Organisation for Economic Co-operation and Development (“OECD”) released OECD Taxation working paper No.46 on the “Exchange of information and bank deposits in international financial centres” (Link).

Inter alia, this paper presents the result that the commencement of Automatic Exchange of Information in 2017 and 2018 is associated with a further reduction in bank deposits of 22%. When also accounting for the Foreign Account Tax Compliance Act, the result declines to about 17%.

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