Automatic Exchange of Information Cause 25% Reduction in Bank Deposits

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In 2008, the total amount of companies’ and individuals’ deposits in key international financial institutions reached a peak of USD $1.6 trillion. According to the OECD, this year there has been a significant decline in this indicator, namely by 34%.

It is reported that about two-thirds of the cuts (this is about USD $551 billion) is due to the beginning of the automatic exchange of information in accordance with the OECD Common Reporting Standard.