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Dianne Mehany Comments on U.S., OECD Tax Evasion Crackdown Causing Headaches for Banks and High-Net-Worth Families with Trusts and Closely Held Businesses

June 8, 2017, Bloomberg BNA

Compliance difficulties are growing as banks and account holders struggle to meet their responsibilities under parallel regimes established by the U.S. and the OECD to find tax evaders hiding money in other countries, practitioners told Bloomberg BNA.

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Big Issues for Trust

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Dianne C. Mehany, a member of Caplin & Drysdale, said the CRS has a broad definition of controlling person that isn't echoed under FATCA, and that banks and taxpayers are still trying to iron out the differences.

This is a huge issue for international high-wealth clients, often in the form of small family groups, Mehany said. “They are desperately trying to unravel FATCA and CRS,” she said. “I have a number of clients that are beneficiaries of trusts, and trying to draft a compliance document that covers them is very difficult.”

For the full article, please visit Bloomberg BNA's website (subscription required).

Excerpt taken from the article “U.S., OECD Tax Evasion Crackdown Causing Headaches for Banks” by David Voreacos and Christian Berthelsen for Bloomberg BNA.


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