Bank Secrecy - Pillar for Performance of Tax Havens

Banking secrecy, one of the pillars of the functioning of financial systems, has undergone major changes lately, even in countries known for compliance. This shows a significant transformation of global economic-financial paradigms under increasingly strong pressure of the crisis. Automatic exchange of information is considered one of the most effective tools for combating tax evasion, providing essential information on the authorities' foreign income of individuals to assess and collect related fees