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Over 50 jurisdictions have committed to automatically exchange tax information under the OECD's Common Reporting Standard. Read Full Story
The Association of Swiss Private Banks has said that the introduction of new international standards for the automatic exchange of tax information will only achieve their objective if all financial centers exchange the same type of information with the same partners, at the same time. Read Full Story
Bahrain, Lebanon, Nauru, Panama, and Vanuatu - five territories that were earlier criticized for not following tax transparency standards – have newly committed to sharing financial account information automatically with other countries. Read Full Story
The OECD has said Panama must ensure that it fully implements international tax transparency standards, describing the territory as the "last major holdout" that allows funds to be hidden offshore. Read Full Story
Hervé Falciani, who leaked details of accounts held by his former employer HSBC Private Bank in Switzerland to foreign tax authorities, was convicted while absent for economic espionage by the Swiss Federal Criminal Court. The Court's written opinion has yet to be published. Read Full Story
Liechtenstein's Prime Minister, Adrian Hasler, has welcomed recognition from the international community for its efforts to improve tax transparency. Read Full Story
Italy's Cabinet on August 7 approved legislation to ratify the tax agreements signed with Switzerland, Liechtenstein, and Monaco. Read Full Story
The Swiss Federal Council is to postpone a planned overhaul of the withholding tax system and re-examine the appropriateness of the reforms at a later date. Read Full Story
The US Department of Justice has announced that four Swiss banks have reached a resolution with the Government under the DoJ Tax Division's regularization program. Read Full Story
The British Virgin Islands has published revised guidance notes on the international tax compliance requirements under its intergovernmental agreements with the United States and the United Kingdom. Read Full Story
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