“The push for a global tax framework”

“A significant hurdle in the fight against tax evasion stems from the uneven implementation of the Automatic Exchange of Information (AEOI) system.”

“Although 126 jurisdictions have signed up to the Common Reporting Standard (CRS) as of last year, including major hubs like Singapore and the British Virgin Islands, many countries in the Global South remain excluded.”

“Hallum told Euronews that the requirement for 'reciprocity' is a major barrier for developing nations, as they must build complex systems to identify beneficial owners and transfer data to other countries before they can receive information about their own citizens’ offshore holdings.”

“Ghana, which signed the CRS in 2014, only started receiving information in 2022 after spending an estimated $1 million (€862,800) to build the necessary capacity.”

“In November 2024, United Nations member states approved the terms of reference for a UN Framework Convention on International Tax Cooperation.”

“Formal negotiations began in early 2025 and are expected to continue through 2027, with the aim of creating a more inclusive system than the current OECD-led framework.”

“The European figures section: Greece's offshore wealth at 80% of GDP, losing 47% corporate tax revenue, Germany at 29%, Estonia 24%, France and UK 16%. These are specific numbers. The bulk in Switzerland, Luxembourg, Cyprus, Channel Islands are specific locations.”