The price tag financial institutions will face implementing a newly-endorsed intergovernmental plan to fight tax evasion will be high despite their recent investments to comply with similar American demands.
Representatives from 51 jurisdictions Wednesday formalized their commitment to automatically exchange data starting in 2017 and 2018 as part of a global effort to limit tax evasion.
Thirty-four nations disclosed a finalized model plan Monday to regularly share financial data for tax enforcement purposes as part of a broader crackdown on tax dodgers and offshore jurisdictions.
Many tax havens have done the bare minimum to remove themselves from an intergovernmental group's list of regulatory-lax jurisdictions, at times only signing tax treaties with other bank secrecy countries.