In 2013, UK Prime Minister David Cameron turned the political spotlight on international tax compliance, with his focus on trade, tax and transparency at the World Economic Forum in Davos. He was riding the current trend towards automatic exchange of information (AEOI), which has been given significant impetus by the global reach of FATCA-based reporting1. However, compliance with FATCA, as implemented through US regulations,2 engages domestic principles of confidentiality and data protection for jurisdictions such as Guernsey, whose laws acknowledge and safeguard the legitimate interests of the individual to maintain privacy as regards their personal a!airs.
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Originally published in STEP Journal, Vol. 22, Issue 3, Laila Arstall charts Guernsey's path to automatic exchange of information.
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