Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, November 24, 2020

Article on Cooperative Compliance Program for Individuals and Trusts: A Proposal for a Compliance Passport

Philip Marcovici and Noam Noked recently published an article entitled, Cooperative Compliance Program for Individuals and Trusts: A Proposal for a Compliance Passport, Wills, Trusts, & Estates Law ejournal (2020). Provided below is the abstract to the Article. 

Tax and beneficial ownership transparency regimes result in substantial costs and risks for many law-abiding individuals, family trusts, and private investment vehicles. Such parties suffer from substantial direct and indirect costs, legal uncertainties, and risks to their privacy. This article develops a proposal for a voluntary program which draws upon cooperative compliance programs such as the International Compliance Assurance Programme. Under the proposed program, the authorities of the relevant jurisdictions would determine on a joint basis whether the participant is in full compliance with their tax obligations and whether there are any money laundering concerns. The proposed program would ensure the participants’ compliance while reducing the costs and risks for the participants and the relevant governmental authorities.


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