Deposits held by companies or individuals in more than 40 key international financial centres, after peaking at $1.6 trillion, have fallen by a third, the OECD reported, declaring that the time is approaching when there is “nowhere left to hide” for tax-evaders.

In a report on the rapid progress of automatic exchange of information (AEOI) controls, the Paris-based body said that data has been swapped on 47 million offshore accounts, with a total value of around EUR 4.9 trillion.

More than 90 jurisdictions are participating in a global transparency initiative, activated through 4,500 bilateral relationships.