What the Financial Times of London calls "a cascade of concessions on tax secrecy by some of the world’s leading private wealth centers" is being hailed by some as "a breakthrough in a decade-long international assault on tax evasion."
To some degree that may be true, since the pursuit of specific tax evaders by foreign countries will be made easier by greater co-operation from Switzerland, Austria, Luxembourg, Hong Kong, Singapore, Liechtenstein, Andorra and others.
In recent days each of these leading offshore jurisdictions has bowed to pressure, announcing that they will adopt international standards on tax information exchange, although they insist they will continue to protect investors’ privacy under their own laws.
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