Banks & Government Fuse into a single entity with 'C.R.S.'
It's starting to look like a prudent financial manager should consider holding at least a portion of his assets//liquidity outside of the banking system.
OECD Standard for Automatic Exchange of Financial Account Information - Common Reporting Standard (CRS) is a regime developed by the almighty supranational OECD (Organization for Economic Co-operation and Development) to provide for information exchanges among government about your financial information. CRS is akin to a global version of FATCA and will require institutions in participating countries to identify the tax residency of their customers and offer up details of specified personal and financial information to the appropriate global tax authorities. In other words, banks will have to pass on information to their governments, who will subsequently exchange information with each other.