There is increasing international cooperation in the fight
against financial crime – and increasing expectations that
businesses play their part.
Information and intelligence sharing between law-enforcement
authorities and financial regulators has improved significantly in
recent years. That's true both domestically and, perhaps more
significantly, internationally.
The channels are both formal and informal. The latter are used
most often early on in investigations, with informal discussions
helping overseas agencies navigate the legal and administrative
requirements to request information or push for action. The range
of formal mechanism and tools for cooperation, meanwhile, has
expanded, perhaps most significantly in tax evasion: Bilateral tax
information exchange agreements (TIEAs) are widespread and used
regularly, while the Organization for Economic Co-operation and
Development's (OECD) Common Reporting Standard allows tax
information to be shared automatically.
