One of the most significant developments for IFCs over the past
decade and a half has been the application of new compliance
regulations. In the coming decade, the interpretation of these
rules will have a profound effect on governments, IFCs, their
clients, and the economies of the jurisdictions that serve
them.
Corporate Tax Changes Are Seis…
The bevy of recent legislation passed—including the
OECD's Common Reporting Standard (CRS), the Financial Action
Task Force (FATF) recommendations, Foreign Account Tax Compliance
Act (FATCA) from the US, the Economic Substance requirements from
the EU, the People with Significant Control public register in the
UK, and more—have come in part as a result of changing
attitudes to wealth after the global financial crisis, but also due
to public pressure on legislators after information surfaced about
tax evasion schemes, many of which occurred years prior to the
disclosures fanning the flames.
