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To be implemented effectively, FATCA and FATCA-like legislation require standard definitions. The new common reporting standard (CRS) adopted by the Organisation for Economic Co-operation and Development (OECD) emphasizes that the standardized automatic exchange of financial account information is key to its success, the benefits of which include process simplification, higher effectiveness, and lower costs for all parties involved. “A proliferation of different and inconsistent models would potentially impose significant costs on both government and business to collect the necessary information and operate the different models.” This is critical, because the costs of complying with FATCA and FATCA-like legislation are expected to be in the billions (US) for banks and other affected entities, and these costs will be borne by the account holders and owners of those entities. Furthermore, because tax evasion is a global issue, the standard used must have a global reach to actually solve the problem rather than merely reallocate it to other jurisdictions with lower reporting thresholds.