Do offshore banks share account data?
Short answer
Mostly, yes. Under the OECD's Common Reporting Standard, banks report foreign account holders — including the people behind companies — to tax authorities, who share it automatically. In 2019 the OECD said data on ~47 million accounts worth ~€4.9 trillion had been exchanged among 90+ jurisdictions.
Offshore used to mean secret. Not anymore. Under the OECD's Common Reporting Standard (CRS), banks in participating countries collect the tax residency of account holders — including the real people behind companies — and report it to their tax authority, which sends it automatically to the account holder's home country.
Sources
- goldinglawyers.com/crs-exchanges-account-information-for-more-than-47m-accounts
- www.oecd.org/ctp/exchange-of-tax-information/
GENERAL INFORMATION, NOT LEGAL OR FINANCIAL ADVICE. RULES DIFFER BY COUNTRY.
THE STORYSomebody wired you $25 million. By mistake.
A daily story where the comments decide. This rule shows up in Part 4.
72 HOURSCould you get away with it?
Play the browser game. Ten endings — most of them are this rule catching you.
Is it illegal to keep money sent to your account by mistake?
Read →What happens if you withdraw more than $10,000 in cash?
Read →Will the bank tell you if they report you?
Read →Ask Gramps how this rule applies to you.
Don't just watch. Get in.
Get the full case file — and your name in the story.
- Your Instagram @ pinned to the case board in Part 1 — on screen
- A Founder number for life and a spot on Most Wanted
- The Rulebook ($14 value) included
Just the rules?
The real rules of money, banks and financial crime, in one professional guide.
Get the Rulebook · $14
