OECD to list tax offences as money laundering

The Organisation for Economic Cooperation and Development (OECD) is planning to list tax offences as a form of money laundering.

This move could influence the position of Switzerland. If tax offences were classified as money laundering, lawyers, tax advisors, accountants and bankers engaged in such offences would get up to 3 years in prison. Also, banking secrecy law would not be acting as currently.

It should be noted that Switzerland came under pressure from the OECD in 2009, when it placed Switzerland on its “grey list” of tax havens for not being cooperative enough. To go off this list, a series of accords on sharing tax information had to be negotiated.

Leave a Reply

You must be logged in to post a comment.