Abstract
This is the introductory chapter of Part 3 of the book, concerned with the OECD tax evasion frameworkâthe 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.
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McGill, R.K., Haye, C.A., Lipo, S. (2017). Introduction to AEoI & CRS. In: G.A.T.C.A.. Global Financial Markets. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-61783-1_10
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DOI: https://doi.org/10.1007/978-3-319-61783-1_10
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Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-61782-4
Online ISBN: 978-3-319-61783-1
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