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Good luck hiding your money in an Isle of Man bank account, people. The G-20, a group of the world’s largest economies, are going to discuss ways to make hiding your cash off-shore next to impossible during their finance ministers and central bankers summit meet in Australia Sept 21.
“We expect a group of countries to agree to a reasonably rapid timeline for implementing automatic exchange of tax information,” Australia’s G20 Finance Deputy Secretary, Barry Sterland, was quoted saying by the Press Trust of India on Friday. Sterland told reporters that the group’s central bank governors and finance ministers we will be “outlining implementation plans, timelines and approaches to be taken” to greatly inhibit overshore tax havens.
Seems this is a general admission that at least the G20 nations have little or no control over big corporations and rich people who evade on an international scale.