The Automatic Exchange of Information (AEOI) agreement was signed in Berlin on Wednesday at a Global Forum conference organized by the Organization for Economic Co-operation and Development. A total of 52 countries and regions, including Greece, agreed to automatically exchange information on taxpayers’ income and assets on a reciprocal basis. Those that signed the agreement pledged to begin the first exchanges of information by 2017. The deal would open up information on taxpayers’ offshore accounts, account balances and beneficial ownerships.

“This is an important step for greater cross-border cooperation between tax authorities,” said German Finance Minister Wolfgang Schäuble.

“We are making concrete progress toward the G20 objective of winning the fight against tax evasion,” said OECD’s Secretary-General Angel Gurria. “The world is quickly becoming a smaller place for tax cheats and we are determined to ensure that developing countries also reap the benefits of greater financial sector transparency.”

Apart from Greece, a number of other countries such as Germany, France, the UK, Italy, Norway, Spain, South Africa and Malta signed the agreement. Another 30 countries have yet to sign but are considering joining the pact.