The Impact of Global Reporting Requirements on Multinational Families

There is a growing desire to combat money laundering as part of the ongoing worldwide efforts against terrorism, and a crackdown on tax evasion has been recognized as one way to satisfy the urgent need for more government revenue. These dual motivations have led to the extension and enactment of new reporting standards regarding foreign financial assets. An overview of these initiatives, as well as their potential regulatory compliance requirements and consequences, is presented to help multinational families maintain safe and flexible access to their international assets and avoid increased costs.