Abstract
This is the introductory chapter of Part 3 of the book, concerned with the OECD tax evasion framework—the Automatic Exchange of Information (AEoI) and its component part the Common Reporting Standard (CRS). The authors provide a brief history and context to AEoI as well as a comparison of the legal basis differentials between FATCA and AEoI. In particular while FATCA has a direct relationship with legal basis in the US HIRE Act, AEoI is merely an enabling framework to which each participating government must adopt a compliance model based on domestic legislation and competent authority agreements (CAAs). In addition, the authors niote that while FATCA has prosecutorial powers for US persons failing to disclose and penalty capabilities for financial institutions not meeting their compliance obligations, all penalties associated with AEoI and any subsequent tax evasion detected are reserved for the partner jurisdictions themselves and are not mandated in the AEoI framework.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
