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UAE banks inform customers on new international tax Act due to reputation of catering to wealthy clients in enabling them to store assets in offshore accounts. Hong Kong and Shanghai Banking Corporation [HSBC] disclosed laws relating to Common Reporting Standard [CRS], that from January 2017, governments will be investigating the world’s biggest private banks & impose hefty fines for failure to disclose customer account information such as investment income earned over the year, as interest, dividends, income from certain insurance contracts or annuities and individuals residence for tax purposes. Thus spell an end to financial secrecy in global holding of assets and tax evasion.