In the most significant development for the wealth advisory industry since the Second World War, countries throughout the world have committed to redefine banking secrecy laws so as to no longer protect any form of tax offence and/or adopt more stringent information sharing standards in tax matters.
At April's G20 summit world leaders pledged to take action against non-cooperative jurisdictions with the Organisation for Economic Co-operation and Development (‘OECD') publishing a list of jurisdictions based upon their commitment and progress towards meeting OECD standards. The G20 published ‘a toolbox of counter measures' for consideration by individual countries in developing their own legislative responses and enforcement actions. These dynamic changes are affecting both private investors and the institutions and organizations which service them. We are well-placed to advise on the impact of these developments by drawing on the expertise of private client lawyers from a variety of jurisdictions to advise a broad range of interested parties - including individuals, family offices, financial institutions, investment managers, and fiduciaries.
The following pages put these developments into context and include summaries of events, as well as links to key sources of information.