51 countries declare banking secrecy ‘obsolete’, sign pact in Berlin

Satu Insan - Malaysia

RT

btc2014

(1st row LtoR) Spanish Finance Minister Luis de Guindos Jurado, British Finance Minister George Osborne, Organisation for Economic Co-operation and Development (OECD) Secretary General Angel Gurria, German Finance Minister Wolfgang Schaeuble, French Finance Minister Michel Sapin and Italian Finance Minister Pier Carlo Padoan pose with participants at a press conference after the signing of the Multilateral Competent Authority Agreement by more than 80 countries on October 29, 2014 in Berlin, as part of the Berlin Tax Conference. (AFP Photo)

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Finance ministers from over 51 countries signed an agreement in a step closer to ending the dark financial underworld of tax-evasion and money-laundering. Another 30 countries pledged to join by 2018.

The deal is called the Multilateral Competent Authority Agreement and will look to build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions.

The two-day summit was organized by the Organization for…

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