Tax haven crackdown is working

Tax havens are being pressured to automatically share information with countries across the globe to help stop international tax evasion, reports Financial Times.

Following the Caymen Islands’ example, it adds, many other regions have agreed to greater transparency. Read more.

The push for transparency comes on the heels of tighter regulations in the U.S. It also follows a slew of scandals in the past few years. As

And it seems the OECD’s crackdown on tax havens is producing results. Canadian Business’ Joe Castaldo revealed in a recent post that the value of bank deposits held by foreigners has decreased since 2008.

Also check out:

Tax havens: open season

5 ways Canada is targeting international tax evasion

CRA to CBC: Give us offshore tax cheat data