This note presents a summary of ongoing work to assess the impact of increasing tax transparency and exchange of information (EOI) on cross-border financial activity using international investment data. Since 2009, there has been a dramatic increase in tax transparency around the world, stemming from the implementation of new standards of exchange of information on request (EOIR) and automatic exchange of information (AEOI). Examining cross-border financial activity in light of these initiatives can help assess whether, and to what extent, these standards have strengthened tax compliance.