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Companies and individuals with accounts in non-signatory countries are likely to be viewed as taking part in tax evasion and money laundering. Signing, on the other hand, means drawing back the veil from secretive financial organisations.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters [link widoczny dla zalogowanych] includes standards for tax authorities to routinely mutually exchange financial information.

Tax investigations

"The entry [link widoczny dla zalogowanych] into force of the [link widoczny dla zalogowanych] amended multilateral convention marks an important step [link widoczny dla zalogowanych] in the fight against tax evasion [link widoczny dla zalogowanych] and I urge all countries to join" said Organisation of Economic and Co-Operation and Development (OECD) Secretary-General Angel Gurr?a.

"These amendments will help counter cross-border tax evasion and ensure compliance with national tax laws as acknowledged by G20 Leaders."

[link widoczny dla zalogowanych] Besides exchanging tax information, member countries can also launch [link widoczny dla zalogowanych] simultaneous tax investigations, serve documents and collect tax for other governments.

The new convention is far wider-ranging than any [link widoczny dla zalogowanych] previous treaty [link widoczny dla zalogowanych] or agreement.

Around 20 countries have already signed the convention - and many are from outside the OECD group of 34 world-leading economies.

Confidential banking

Implementation of the treaty was announced as the Global Forum on Transparency and Information [link widoczny dla zalogowanych] Exchange for Tax [link widoczny dla zalogowanych] Purposes meets in Bermuda to discuss a more transparent global tax environment.

The convention is the latest in [link widoczny dla zalogowanych] a series of measures to tighten up on tax avoidance [link widoczny dla zalogowanych] following the credit crisis.

Britain and the [link widoczny dla zalogowanych] US have [link widoczny dla zalogowanych] led the vanguard of nations clamping down on offshore tax shelters with tough new laws and anti-avoidance policies. Read more Devere Group scam alert articles online