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"Should personal financial data be sent to foreign tax authorities?" – Filippo Noseda discusses FATCA in The Economist

Posted on 14 August 2020. Source: The Economist

Filippo Noseda, Partner in Private Tax & Wealth Planning team, has contributed to the article by The Economist discussing issues with current rules around transparency and privacy.

The Economist wrote:

"Legal challenges to the data-swapping provisions of FATCA and the CRS have been launched in Britain, Canada, France and elsewhere. Most have failed. One that lives on was brought by “Jenny”, a pseudonymous American living in Britain who crowdfunded the case. She complained to Britain’s data-protection authority, challenging the taxman’s right to send her information to America (where she owes no tax). Doing so, she argued, breached her rights under GDPR."

"The data tsar rejected her claim, even though it accepted that the tax authority did violate some GDPR guidelines. It is not the only European data-protection body to duck the matter. “It’s perceived as a political issue. They don’t want to rock the boat,” says Filippo Noseda of Mishcon de Reya, the law firm that represents Jenny. The European Commission has also pulled punches. After first raising concerns about the data implications of FATCA, it then distanced itself from the issue, even claiming it had not been party to the original negotiations with the Americans, despite a document unearthed by an MEP, and seen by The Economist, suggesting that it was."

Read the full article here.

Further information

To find out further information on the data protection work by Mishcon de Reya and to read their correspondence to data protection authorities, click here.

To see the full list of hacking and data breaches recorded by Mishcon de Reya, click here.

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