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The end of banking secrecy?

06.10.2015 / Jolanta Szuba

From 1 January 2016, any new bank in the country that has signed the above agreement (almost 70 countries, including Poland) will be subject to a new procedure to identify residences tax account holder.

The group includes all countries of the OECD and subsidiaries. Acceded to the agreement, ie the state. Switzerland, Liechtenstein and Singapore, which is the state famous for attracting foreign capital thanks to banking secrecy. Total exchange of information on all accounts is expected by the end of September 2018 year. The new rules will apply to accounts of natural persons and legal entities, including trusts and foundations. Financial institutions will have to report the treasury income information investment. Reporting will also apply to brokers. In addition, financial institutions will be required to provide information about who is the person or entity that actually has control.