Sun Sets on Offshore Banking as Assets Worth $11 Trillion Uncovered

[Tnoy30]

The three-year old Common Reporting Standard is uncovering offshore assets on a massive scale, highlighting cryptocurrencies as a potential alternative.
The Organization for Economic Cooperation and Development, or OECD, reported on Tuesday how automatic reporting in 2019 helped uncover $11 trillion worth of assets in offshore accounts.

The result came as the Common Reporting Standard, or CRS, entered its third year of operation since its launch in 2017.

Unlike many previous iterations of international tax reporting standards, the CRS requires countries to automatically report activity in accounts held by foreign nationals to their respective country of origin. This solves issues deriving from request-based information sharing, which required active suspicion and investigation from the originating country.
Read on: https://cointelegraph.com/news/sun-sets-on-offshore-banking-as-assets-worth-11-trillion-uncovered