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Luxembourg draft regulation on CRS removes the United States from the list of Participating Jurisdictions



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Luxembourg’s Council of Government has adopted a Grand-Ducal regulation draft amending the regulation of 15 March 2016 implementing article 2 §4 of the law of 18 December 2015 regarding the Common Reporting Standard (CRS).

The draft concerns the mechanisms of the Multilateral Competent Authority Agreement on automatic exchange of financial account information in the context of the Common Reporting Standard. On 3 June 2016 the OECD published an updated list of Participating Jurisdictions that have signed the above agreement. As this list should cover all of the signatories of the Multilateral Agreement, it needs to be supplemented by an amendment of the applicable regulation. Thus, Luxembourg will add Israel, Saint Kitts and Nevis, and Russia to the list of Participating Jurisdictions.

In addition, the United States of America will be removed from the Participating Jurisdictions list established by the amended Grand-Ducal regulation from 15 March 2016 as the United States of America do not fulfill the criteria of a Participating Jurisdiction within the meaning of the law of 18 December 2015 with regard to CRS.

This approach is in line that of other Member States of the European Union and of the Global Forum.

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