Global transparency in financial services probably wasn't
the first thing on people's minds as they woke up on the first
day of 2017. Nevertheless, the 1 January 2017 marked a pivotal
moment in the way information relating to international financial
flows are handled.
The fact that right now the authorities in 54 countries –
the 'early adopters' - are for the very first time sharing
tax information automatically under the OECD's Common Reporting
Standard (CRS) is a remarkable achievement and a reflection of just
how far global transparency has come. This time next year, more
than 100 countries will be operating under the regime.
It really is a sea change in how authorities around the world
can monitor their residents' financial affairs. If there is any
dubious activity in any of the participating countries and
jurisdictions, CRS will root it out. At the same time, it should
also once and for all put to bed some of the speculative
allegations about illegal activity
