Overview

This book is also published under the following title: Automatic Exchange of Information: Survivor's Guide to the OECD Common Reporting Standard for Offshore Financial Accounts Softback ISBN: 978-1533519504 If you wish to look inside please visit www.soctapublications.com. Banking privacy dies in 2016. 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 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. 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

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9781523298037

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Eesh Aggarwal is a UK chartered accountant and auditor with over 20 years experience in international tax planning and compliance for a global client base including individuals and corporates. He now devotes more time to academic research. He is a sought-after speaker internationally and has lectured in various institutions including the London School of Economics. He provides bespoke consultancy services and in-house teaching for institutions.

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