The private trust industry is changing and will undoubtedly
continue to evolve as the industry moves forward. The robustness of
private trusts is being tested through challenges such as the right
to privacy, versus the desire on the part of governments for
greater transparency and reporting initiatives, including the US
Foreign Account Tax Compliance Act (FATCA), UK FATCA and the
Organisation for Economic Co-operation and Development (OECD)
Common Reporting Standard (CRS). As a result of high profile tax
evasion cases in recent years and the need for governments across
the world to grow tax revenue, the industry is under increased
scrutiny from international legislators, regulators and tax
authorities. These initiatives and pressures increase the cost of
carrying on trust business and the risks associated with that
business, leading some to question the future of the industry.
However, there is and will continue to be a place for private
trusts in the wealth planning
