Global tax transparency is a pretty easy idea to get behind; in societies with a functioning tax authority, it should be unlawful for a taxpayer to squirrel assets away from proper scrutiny. And yet, over the last decade, as global transparency initiatives have proliferated, so too have the criticisms: The burden of the increased regulation (confusing compliance requirements, slower account opening, and higher fees) is borne by all account holders, and risk-averse financial institutions are overly restrictive in their implementation and quick to “de-risk” by withdrawing banking services.
Within this, the frustrations of non-profit organizations (NPOs) deserve particular attention. NPOs have been swept up in the scope of these regimes without sufficient justification—they are no longer considered by the Financial Action Task Force (FATF) to pose any particular risk of abuse. See FATF Recommendation 8 revisions of June 2016.
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