Irish banks collect data in new OECD worldwide tax clampdown

The first stage of an un-precedented worldwide crackdown on tax evasion and banking secrecy has got under way, with Irish banks this week starting to collect details of non-resident bank account holders.

The collection of information follows on from the agreements brokered by the Organisation for Economic Co-operation and Development (OECD) during the worldwide slump, after pressure mounted about the way companies were using tax havens, in some cases paying no tax.

However, the information being collected from January 1 involves both individuals and companies and other entities.