The Organisation for Economic Cooperation and Development (OECD) today announced the launch of a disclosure facility intended to allow interested parties to report potential schemes to circumvent the common reporting standard (CRS). The OECD also announced a further step to implement the CRS, with an additional 500 bilateral automatic exchange relationships being established involving over 60 jurisdictions that are committed to exchanging information automatically pursuant to the CRS, starting in 2017.
As explained in the OECD release the facility to disclose CRS avoidance schemes is part of a three-step process that the OECD initiated to address schemes that purport to avoid reporting under the CRS. As part of this process, all actual or perceived loopholes that are identified are systematically analysed in order to decide on appropriate courses of action. There is a broader scope of financial institutions required to report financial information and the scope of account holders subject to reporting.
The OECD also reported that over 1800 bilateral relationships in place across the globe, most of them based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information—the CRS MCAA. The full list of automatic exchange relationships is available online.
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