Data sharing under CRS is unlawful, says legal firm

Mishcon de Reya has issued a formal complaint to the UK’s information commissioner against the common reporting standard (CRS) and the beneficial ownership registers. The legal firm believes these have repercussions for fundamental rights and the relationship between individuals and the state.

Filippo Noseda the partner leading the action said: ‘There is a wealth of objective evidence supporting our proposition not least the comparisons made between the CRS and the Data Retention Directive – the latter of which was effectively declared illegal by the European Court of Justice in 2016. In a democratic society the rights to privacy and data protection are an essential safeguard to protect compliant citizens against potential abuses and must be treated with the appropriate seriousness by the authorities.’

Mishcon de Reya contends that the publication of sensitive data about the internal governance and ownership of private companies by the beneficial ownership...