Attack on bank secrecy for tax evasion backed by 80 countries

Participants of the Berlin Tax Conference sign the Multilateral Competent Authority Agreement on October 29, 2014 in BerlinMore than 80 countries signed an agreement in Berlin on Wednesday that could end banking secrecy in the global battle against tax evasion and fraud, even though critics pointed to shortcomings in the deal. Among the signatories were EU countries but also previously staunch proponents of banking secrecy such as Liechtenstein and tax havens like the Cayman or Virgin Islands. The deal — known as the Multilateral Competent Authority Agreement — crowned two days of talks by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The meeting was hosted by German Finance Minister Wolfgang Schaeuble.

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