As a result of data privacy and extraterritorial concerns with the FATCA provisions, the US entered into more than 100 Intergovernmental Agreements with other countries in order to collect the information.
[4] That model served as the basis for the OECD to create the Common Reporting Standard, which was agreed in 2014 and has since been adopted or committed to by 120 countries globally.
[7] In a single year, 2022, there was automatic exchange of information on 123 million financial accounts covering €12 trillion in assets under the Common Reporting Standard.
[8] Similar patterns can be observed in respect of the US; in 2019, the Internal Revenue Service received reports on almost 8.3 million offshore accounts held by US persons.
One study found that the introduction of the Common Reporting Standard resulted in an 27.9% drop in assets held in non-EU tax havens, though it also noted that the failure of the United States to adopt CRS resulted in its emergence "as a potentially attractive location for cross-border tax evasion".
A separate study showed similar results from the introduction of the US FATCA regime:"...a $7.8 billion to $15.3 billion decrease in equity foreign portfolio investment to the United States from tax haven countries after FATCA implementation, consistent with a decrease in “roundtripping” investments attributable to U.S. investors’ offshore tax evasion.