OECD declares end to bank secrecy

By Georgia Wilkins
Updated December 16 2014 - 10:08am, first published September 22 2014 - 6:16pm
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.
Treasurer Joe Hockey holds up a report with OECD secretary-general Angel Gurria (L) at the G20 Finance Ministers and Central Bank Governors Meeting in Cairns.

The Organisation for Economic Co-operation and Development has declared the end of bank secrecy, saying key measures agreed upon at the G20 meetings in Cairns will close loopholes that allow companies to hide profits overseas.