In light of the automatic exchanges of information, any singular infringement, regardless of the ramifications, will become common knowledge amongst the various regulatory organisations. Simply having your advisor’s assurance that all stacks up is no longer sufficient, and the “trust but verify” approach should ideally be followed as a best practice.
Where uncertain of your, or your company’s obligations under the proposed legislative amendments, it is prudent to approach an astute corporate and tax attorney, to ensure the fulfilment of all legal obligations. Where already venturing into the realm of non-compliance, do not let these new changes be your undoing.
Engaging a diligent tax attorney not only ensures legal professional privilege on disclosures, but also being specialists in their own right, guarantees that the correct remedial measures are executed post-haste, whilst upholding the first mover advantage you gain from being proactive.