THE LEADING BODY for trusts and estates’ advisers has warned its members are concerned about the potential for confidential tax information being passed on to criminals in countries with questionable regimes.
The fears were raised after the government’s announcement of a Tax Information Exchange Agreement with Liberia earlier this month.
David Harvey, chief executive of the Society of Trust and Estate Professionals (STEP), said deals between countries with strong political institutions posed little risk of personal information being abused.
However, the STEP chief executive harboured doubts about the countries with shakier regimes.
“Professional advisers are nevertheless increasingly concerned that TIEAs with countries with weak institutions create the danger that sensitive personal financial data will be handed over to countries where it could quickly leak into criminal hands or otherwise be abused,” said Harvey.
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