G-20 Calls for Sharing Bank Data for Combating Tax Evasion

On October 27, 2003, after two days of closed door meetings, central bankers and finance ministers from the G-20 group of industrialized and developing countries made a strong call for sharing of bank information to combat tax evasion, and preventing future financial crises through instruments like collective action clauses. According to the G-20 communiqu?, the G-20 took note of the diversified ways for individuals and companies and other entities to abuse the international financial system to undertake illicit activities including tax evasion. They discussed and explored ways to enhance the bilateral exchange of fiscal, financial and customs information required by countries to enforce their own fiscal and other laws... [more]