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The Major Flaw in CRS and FATCA
Episode 1742
Published 1 year, 1 month ago
Description
Financial institutions do not report on account holders that are themselves financial institutions. This enables chains of entities, with each level classified as a financial institution. The weakness of AEoI arises when the top-level entity is a non-participating financial institution. FATCA and CRS only weakly address this vulnerability, leaving opportunities to establish structures that remain non-reportable.