Some 10 years since the G20 declared the end of banking secrecy, OECD\u2019s Global Forum said it has achieved \u201cunprecedented success\u201d in using new transparency standards to fight offshore tax evasion.\r\n\r\nWorking through the Global Forum, 158 member jurisdictions have implemented \u201crobust standards\u201d that have prompted a tidal shift in exchange of information for tax purposes.\r\n\r\nAt the heart of this shift are thousands of bilateral exchange relationships now in place, which have enabled more than 250 000 information exchange requests over the past decade.\r\n\r\nAccording to data in the Global Forum\u2019s 10th anniversary report, in 2018 nearly 100 member jurisdictions automatically exchanged information on 47 million financial accounts, covering total assets of $4.9trn (\u00a33.7trn). In total, more than \u20ac100bn (\u00a385bn) in additional tax revenue has been identified since 2009.\r\n\r\nIn addition, the OECD said that a recent study shows that wider exchange of information driven by the Global Forum is associated with a global reduction in foreign-owned bank deposits in international financial centres (IFC) by 24% or $410bn (\u00a3317bn) between 2008 and 2019.\r\n\r\nThe commencement of AEOI in 2017 and 2018 is associated with an average reduction in IFC bank deposits owned by non-IFC residents of 22%.\r\n\r\nOECD secretary-general Angel Gurr\u00eda, said: \u201cThe Global Forum has been a game-changer. Thanks to international co\u2011operation, tax authorities now have access to a huge trove of information that was previously beyond reach.\r\n\r\n\u201cTax authorities are talking to each other and taxpayers are starting to understand that there\u2019s nowhere left to hide. The benefits to the tax system\u2019s fairness are enormous.\u201d\r\n\r\nAlmost all Global Forum members have eliminated bank secrecy for tax purposes, with nearly 70 jurisdictions changing their laws since 2009. Almost all members either forbid bearer shares\u2013 previously a longstanding impediment to tax compliance efforts \u2013 or ensure that the owners can be identified.\r\n\r\nSince 2017, members must also ensure transparency of the beneficial owners of legal entities, so these cannot be used to conceal ownership and evade tax.