Banking privacy is dieing
Many account holders will close overseas accounts to avoid being reported to tax authorities resulting in liquidity and existential issues for banks and other financial institutions.
Are you ready?
Surprisingly, the Common Reporting Standard (CRS) contains many exemptions that may be legally exploited by account holders to retain privacy. Financial institutions can also target such exempt accounts to ensure privacy for their clients and attract new business
Amazon Customers reviews
This book provides a thorough analysis of the Common Reporting Standard and is essential reading for those interested in, or affected by, the development of Automatic Exchange of Information and the death of banking secrecy - including legal, tax and finance professionals, as well as their clients. The book is an excellent reference tool since separate chapters consider the CRS from the perspective of alternative stakeholders, including individuals, companies, partnerships, trusts and foundations. The intricacies of the due diligence processes necessitated by the CRS are also given detailed treatment. Perhaps the best aspect of the book is the commentary it offers on the historical, political and economic context in which the CRS has come about.
To fight tax evasion, 99 countries have agreed to automatically exchange information, including most western nations (except the USA), BRICS and tax havens. Accounts include banking, custodial, securities and investment funds. These may be held by individuals or entities, including companies, partnerships, trusts and foundations. Politically motivated and flawed legislation has been rushed through with no cost-benefit analysis invading individual privacy and national sovereignty, resulting in global data theft, blackmail and political oppression. At least two countries may become major beneficiaries as havens for global capital.
Readers will grasp complex legal concepts quickly and easily. Written by a British international tax practitioner, the first book to be published on this topic adopts a comprehensive, practical, thought-provoking and engaging approach to this controversial law that is suitable for:
- High net worth individuals with overseas accounts held by them, or by entities, and practical strategies available to preserve privacy
- Financial institution employees and professional advisers who wish to understand how this legislation works in practice and its impact on their clients
- Compliance departments – dedicated technical chapters on due diligence requirements
- Trust and corporate service providers – to understand their responsibilities and effect on clients
- Holding companies that may be classified as financial institutions
- Government regulators, employees and politicians who need a comprehensive grasp of the CRS and its wide ranging implications
- Academics and university students requiring a deep understanding of the origins, operations and future impact of the CRS
- Individuals with an interest in the erosion of sovereignty and privacy rights
About the author
- Eesh Aggarwal is a UK chartered accountant, registered auditor and licensed trustee with over 20 years experience in accounts and international tax planning. Current clients range from start-up entrepreneur to ultra-high net worth individuals and their related businesses.
- Eesh provides bespoke consultancy services and in-house teaching for institutions such as London School of Economics, ICSA, Moscow Institute of Risk Management and many others.
- Specialties: formation and management of offshore companies, trusts & foundations, full international tax planning, audit & accounting, wealth management.