The Movement of Wealth, Transparency, the Right to Privacy…and More

Excellent interview by internationally renowned tax expert, Francoise Hendy, with IFC.

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The Q&A  with me on Page 9 which covers the issues which have been brought into sharp focus by the theft of the ‘Panama Papers’ is set out below:

IFC: As more IFCs sign up to FATCA & the OECD’s Automatic Exchange of Information Standard, do you see a fundamental shift in policy happening in the Caribbean?

Francoise Hendy: Independent Caribbean IFCs have always been pre-disposed to information-sharing. Their comparative advantage in international business and financial services is not grounded in secrecy. The fundamental shift that is taking place is therefore in relation to the methodology of exchanges. For these states, the switching over to automaticity under FATCA and as part of the OECD transparency agenda cannot be considered in a vacuum, but rather as a part of a bigger economic re-orientation because of the exponential cost of compliance even in circumstances where the ‘risk profile’ among these states does…

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