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OECD efforts bring light over €4.9 Trillion

As part of the coordinated efforts with the G20, more than 47 trillion accounts and several offshore vehicles were exposed in order to bring light to €4.9 Trillion.

The booted efforts is showing its first results with the publication of this initial set of data (Report).

The OECD mentioned that nations taking part of the Automatic Exchange of Information (AEOI) program have recovered €95 billion in tax money.

The Common Reporting Standards (CRS) has gained 90 participants making it the larges initiative for tax transparency in the history.

The incredible success and the large scale of the initiative is showing the first benefits to governments with the possibility to get declared important pieces of information and relevant assets in order to apply a fair and transparent taxation to the different revenue types.

since the initiative started in 2018 about 5.000.000 individuals eligibility disclosed their offshore assets and account holdings (as per reported information).

Source

https://www.riskscreen.com/kyc360/news/oecd-automatic-exchange-program-ids-e4-9-trillion-in-offshore-holdings/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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