In my opinion, the European information exchange model is extremely effective. The reason it works is that it covers every country in the European Union, which is not the case in North America, where there are only two countries—Canada and the United States—which are not part of a customs union or other form of independent union.
Furthermore, what is interesting about the European Union's position on information exchange is that exchange is automatic. It is automatic, without there being any need for another country to request information. The government in receipt of money that appears to be connected to dubious activity automatically informs authorities in other European Union member countries.
In my opinion, as long as we have not adopted a standard like that, which is relatively binding, we will be caught—as Mr. Hannah was saying—in a maze of jurisdictional conflicts between the various privacy laws in place in every country.
In fact, I think the United States should also review the code of ethics that applies to professional advisors, like lawyers and accountants, who do planning for their clients. At this point, codes of ethics do not specifically prohibit the use of schemes of one kind or another.