The Organisation for Economic Cooperation and Development (OECD) today announced a series of bilateral exchange relationships established under the common reporting standard (CRS) Multilateral Competent Authority Agreement (CRS MCAA), providing a total of over 2,600 bilateral relationships for the automatic exchange of CRS information in place (up from over 2,000 relationships from four months ago).
The full list of automatic exchange relationships currently in place under the CRS MCAA is available on the OECD website.
As explained in today’s OECD release, the OECD and G20 in 2014 approved the CRS as the basis for the automatic annual exchange of information on offshore financial accounts to tax authorities of the residence country of the account holders. At present, over 100 jurisdictions have publicly committed to implement the CRS, with half having started the exchange of CRS information in September 2017 and a further 53 set to follow in 2018.
Implementation of the CRS requires both domestic legislation to require financial institutions to identify and correctly report accounts held by non-residents, and an international legal framework for the automatic exchange of CRS information. The CRS MCAA is a preferred route to put the international legal framework in place.
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