G-MonD Note n°3 : “The End of Bank Secrecy ?”
Note n°3 - september 2012
Title: “The End of Bank Secrecy ? An evaluation of the G20 Tax Haven Crackdown”
Authors: Niels Johannesen, Gabriel Zucman
Abstract:
In April 2009, G20 countries launched the most concerted ever push against tax evasion by compelling offshore tax havens to exchange bank information with foreign countries. The G20 has celebrated this policy initiative as “the end of bank secrecy.” In new research relying on unique data on bank deposits in tax havens, Niels Johannesen and Gabriel Zucman argue that the G20 tax haven crackdown has so far largely failed. There is as much money in tax havens today as in 2009, and funds are moving toward the least cooperating havens. These results suggest that G20 countries should push for a much more ambitious standard of information exchange.
- Download the G-Mond Note n°3 (pdf)