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Due Diligence in the International Legal Order$
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Heike Krieger, Anne Peters, and Leonhard Kreuzer

Print publication date: 2020

Print ISBN-13: 9780198869900

Published to Oxford Scholarship Online: February 2021

DOI: 10.1093/oso/9780198869900.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 September 2021

Due Diligence in International Tax Law

Due Diligence in International Tax Law

(p.302) 18 Due Diligence in International Tax Law
Due Diligence in the International Legal Order

Reuven S. Avi-Yonah

Gianluca Mazzoni

Oxford University Press

This chapter describes how the due diligence standard was developed in international tax law before 2008, and then how the standard was greatly modified after the financial crisis, the enactment of the Foreign Account Tax Compliance Act of 2010 (FATCA), and the subsequent development of the Common Reporting Standards (CRS). The chapter outlines how the due diligence concept is applied to private actors, especially financial institutions, to prevent tax evasion. It ends with some conclusions including that while due diligence in international tax law is currently embodied in a specific set of rules, there remains an absence of an overarching standard of due diligence, so that the overall efficiency of the rules requiring due diligence is weakened.

Keywords:   international tax law, tax evasion, OECD Common Reporting Standards, financial institutions, customer due diligence, automatic exchange of information, intergovernmental agreements

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