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The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown

Niels Johannesen 1, Gabriel Zucman 2, 3

(2012-02)

During the financial crisis, G20 countries compelled tax havens to sign bilateral treaties providing for exchange of bank information. Is it the end of bank secrecy? Exploiting a unique panel dataset, we study how the treaties affected bank deposits in tax havens. Our results suggest that most tax evaders did not respond to the treaties but that a minority responded by transferring their deposits to havens not covered by a treaty. Overall, the G20 tax haven crackdown caused a modest relocation of deposits between havens but no significant repatriation of funds: the era of bank secrecy is not yet over.

1:	Department of Economics - University of Copenhagen
	University of Copenhagen
2:	Paris-Jourdan Sciences Economiques (PSE)
	CNRS : UMR8545 – École des Hautes Études en Sciences Sociales [EHESS] – Ecole des Ponts ParisTech – Ecole normale supérieure de Paris - ENS Paris – Institut national de la recherche agronomique (INRA)
3:	Ecole d'Économie de Paris - Paris School of Economics (EEP-PSE)
	Ecole d'Économie de Paris

Subject

:

Humanities and Social Sciences/Economy and finances

Keyword(s): Tax havens – Tax evasion

halshs-00665054, version 1

http://halshs.archives-ouvertes.fr/halshs-00665054

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From: Caroline Bauer <>

Submitted on: Wednesday, 1 February 2012 10:39:05

Updated on: Thursday, 2 February 2012 09:30:33