EU DAC6 Enforcing Cross-border Disclosure Comes into Effect

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The EU saw DAC6 come into effect this week, a compulsory disclosure regime for all European cross-border financial transactions and transfers, creating an official standard within the Eurozone. As authorised by a Directive on Administrative Cooperation which has recently been amended.

Provisional regulations will apply from June 25th 2018 and will require reportable cross-border arrangements implemented between that date and June in 2020 to be finalised in the coming years either by the transferee or an intermediary.