Law firm Mishcon de Reya has taken legal steps against the Common Reporting Standard (CRS) and the Beneficial Ownership registers in order to, the firm said, “call into question the wider repercussions for fundamental rights and the relationship between individuals and the State.“

The majority of UK bank account holders living in one of the 100 plus countries that have joined the CRS will be affected by this, with many of these countries having lesser standards of data protection and/or information security.

The CRS and the Beneficial Ownership registers have been introduced to fight tax evasion and money launde...