Chile: giving up banking secrecy

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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.