States sharing bank details expose ‘deep pool’ of offshore money, says OECD

Over 90 governments have shared details about 47 million offshore accounts having a combined holding of $5.5 trillion

Governments have uncovered trillions of dollars in offshore funds since they began sharing in bulk bank account details last September, the Organisation for Economic Cooperation said on Friday.

More than 90 governments have shared details about 47 million offshore accounts with other governments since the large-scale exchange of bank details began, the OECD said in a statement.

The information includes balances and transactions on accounts holding a combined 4.9 trillion euros ($5.5 trillion), the Paris-based policy advisory forum said, more than the gross domestic product of Japan.

Also read: A global financial registry to fight tax evasion

Under the OECD’s common standard for reporting account details, participating countries started automatically sharing bank account information in September.

The move was the culmination of a two-decade international clampdown on tax evasion that has all but ended bank secrecy in many financial centres.

“The transparency initiatives we have designed and implemented through the G20 have uncovered a deep pool of offshore funds that can now be effectively taxed by authorities worldwide,” OECD head Angel Gurria said in a statement.

Gurria, who is to present the data to finance ministers of the Group of 20 economic powers at a meeting in Japan this weekend, said tax compliance was already improving.

Tax authorities booked more than $95 billion in extra revenue thanks to voluntary disclosures before automatic information sharing went live in September, the OECD said, raising its estimate by $2 billion from November.

[“source=thehindubusinessline”]

CS:GO Major Championship Bumps Prize Pool to $1 Million

CS:GO Major Championship Bumps Prize Pool to $1 MillionValve-sponsored competitive Counter-Strike: Global Offensive tournament, the CS:GO Major Championship has received a sizeable bump in its prize pool. Usually it was capped at $250,000 (approximately Rs. 17 crores). Now it’s four times that amount. Yes, the prize pool of the CS:GO Major Championship is now $1 million (around Rs. 68.57 crores) beginning with the tournament at MLG Columbus 2016.

(Also see: Counter-Strike: Global Offensive Update Insults Turkey, Causes AMD Video Cards to Crash)

“When we announced the first CS:GO Major Championship in 2013, we hoped the Majors would be rallying points for the community, tent-pole events that could draw new audiences and amplify the value of all events. Since then, the professional CS:GO community has been growing at an incredible rate,” a post on the official Counter-Strike blog reads.

“CS:GO tournaments are now among the largest esports events in the world, drawing global audiences of millions of viewers, filling massive venues, and garnering higher prize pools. Professional CS:GO has grown, and the CS:GO Major Championships are about to grow with it. We’re pleased to announce that beginning with MLG Columbus 2016, each CS:GO Major Championship prize pool will be $1,000,000.”

(Also see: Steam Isn’t the Cheapest Place to Buy Steam Games Anymore)

It’s a massive step up. And a welcome one at that considering that Valve’s other game – Dota 2 sees an ever-increasing prize pool year on year with its marquee event, The International.

[“Source-Gadgets”]