# mutual



## josemiller (May 18, 2018)

how exactly does the mutual exchange of information work between oced, tax information exchange agreements, automatic exchange of information, common reporting standard, ect......??? how do all of these guys exchange information about offshore bank customers on a global scale? is the information being shared even for people who have offshore bank accounts who are paying taxes and hiding nothing from governments? how is all of this mutual exchange of information on a global scale really working? is oecd the boss here? can someone please explain how all of this exchange of information is really working on a global scale? what about privacy? up to what point can law abiding offshore banking customers have privacy? how is this information being shared globally? can someone please tell me. thank you.


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## lat19n (Aug 19, 2017)

josemiller said:


> how exactly does the mutual exchange of information work between oced, tax information exchange agreements, automatic exchange of information, common reporting standard, ect......??? how do all of these guys exchange information about offshore bank customers on a global scale? is the information being shared even for people who have offshore bank accounts who are paying taxes and hiding nothing from governments? how is all of this mutual exchange of information on a global scale really working? is oecd the boss here? can someone please explain how all of this exchange of information is really working on a global scale? what about privacy? up to what point can law abiding offshore banking customers have privacy? how is this information being shared globally? can someone please tell me. thank you.


I've no idea - but it sure does feel like a one way street. Our Mexican financial institutions insisted on our providing our US tax info quickly. We have never had a US financial institution ask us for any Mexican tax info. YET - I think that Mexico at some point was VERY interested in making sure they received monies due of Mexican nationals living in the US. Perhaps - once again - it comes down to earned vs unearned income. no idea.


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## josemiller (May 18, 2018)

so then what youre telling me is that the information is classified? rsvp


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## Bevdeforges (Nov 16, 2007)

To be honest, the US is notorious for NOT exchanging information with other countries about banking and other financial transactions. Maybe because Delaware is well known as an "offshore" haven for those looking to create phantom corporations to hide money and ownership interests.

But the short answer is that there is no single "worldwide" system. It is a series of agreements between various governments who have passed laws designed to serve their own interests. The OECD is nothing but a think tank that makes suggestions to its member countries/governments. The OECD has no "enforcement" powers and doesn't actually do anything in the process other than say "this is what you ought to be doing."

josemiller, you have been in and out of this forum under many guises, asking basically the same question. The truth is that no one here can answer your question definitively. It depends on the banks you're using, the amounts involved, the countries you're "hiding" your financial accounts from and in, and whether or not you're already under suspicion or observation for other reasons.
Cheers,
Bev


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