Korea signs financial info exchange deal with 8 new countries, nearly all tax havens

[Graphics by Song Ji-yoon]

South Korea has added automatic exchange of financial information agreements with eight states, raising the count of states with such arrangement to 110 and 32 out of 35 favored as tax safe havens by the rich. The National Tax Service (NTS) confirmed bilateral agreements on financial account information exchange with Maldives, Commonwealth of Dominica, Niue, Ecuador, Kazakhstan, Trinidad and Tobago, Sint Maarten and Albania. With the addition of Maldives and Commonwealth of Dominca, Korea has access to financial information in 32 states previously blacklisted as tax havens. Koreans have near zero transactions with the other three Netherlands Antilles, British Virgin Islands, and Tonga. All states have addressed so-called harmful preferential treatments.

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