23/01/24

Balancing Financial Transparency With Data Protection: A Global Perspective

The globalisation of finance, while offering numerous benefits, has also presented challenges in curbing financial crimes, which are dramatically increasing in scale and complexity. The period since 2010 has been pivotal, with tools such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) championing the fight against these challenges. However, the quest to uphold individual data rights is intertwined with this mission. An additional layer to this complex tapestry is the development of beneficial ownership registers, both public and private.