Filippo Noseda and Adam Rose (Mishcon de Reya) discuss the data protection repercussions of a system of automatic exchange of information in light of recent court decisions in the US and UK.
This article looks back at developments since the introduction of FATCA and discusses the implication of recent decisions in the US (as well as the UK) against the introduction of central bank account registers because of concerns relating to data protection as well as the costs and effectiveness of such a system.
Back to the future
The year was 2021. The US government was busy working on an IRS data collection proposal to increase tax information reporting requirements on US financial institutions. Under the proposal US based financial institutions and other financial services providers would have to report on an automatic basis information about the outflows from and inflows to financial accounts ...
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Filippo Noseda and Adam Rose (Mishcon de Reya) discuss the data protection repercussions of a system of automatic exchange of information in light of recent court decisions in the US and UK.
This article looks back at developments since the introduction of FATCA and discusses the implication of recent decisions in the US (as well as the UK) against the introduction of central bank account registers because of concerns relating to data protection as well as the costs and effectiveness of such a system.
Back to the future
The year was 2021. The US government was busy working on an IRS data collection proposal to increase tax information reporting requirements on US financial institutions. Under the proposal US based financial institutions and other financial services providers would have to report on an automatic basis information about the outflows from and inflows to financial accounts ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
