Information Exchange: Is there an upside for Private Banking?

The global financial crisis came close to destroying the banking sector in key economies, and subsequently precipitated a worldwide recession. Just as it appeared that this recession was starting to unwind, serious systemic problems developed in the eurozone, which could easily trigger a 'double dip' recession.

Faced with such enormous difficulties, where the impacts are in the trillions of dollars, there has been a growing collaboration between countries and, at least to some extent, coordinated actions by them. Bodies such as the G20, OECD, and FATF have suddenly gained far greater influence and power. Pushed by the most influential and economically powerful members, such as the USA, France, Germany and the UK, enormous pressure is being brought to bear on regulation, banking and the funds sector; to name a few.