The Wall Street Journal reports:
Chile's lower house has approved a bill that would allow the national tax service to access Chileans' bank-account information and share it with other countries' tax authorities.
Late Wednesday, the house passed the bill, 72-16 with 17 abstentions, which will be sent to the Senate.
Great news.
This has been a massive problem in Chile. The reform is long overdue. Great they’ve grabbed the opportunity of the moment to start the process to get rid of the pernicious abuse that bank secrecy represents.
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The WSJ article misses the Chilean article from La Tercera (in Spanish) which ponnts out that the law was reformed so that banking secrecy can only be veiled under the conditions current law provides for: money laundering for tax crimes and other serious crimes. The only change the “reform” does is that it allows for exchange with OECD countries of information obtained under current laws. Full bankig secrecy rarely exists – usually criminals get away because of lazy prosecutors who do not read mutual legal assistance treaties.