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

1000

Contacts

Related content

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.

For further information, please do not hesitate to contact us.

 

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.