The Grand-Ducal regulation dated 23 July 2016 amending the Grand-Ducal regulation of 15 March 2016 implementing article 2 §4 of the law of 18 December 2015 regarding the Common Reporting Standard (CRS) has been published.
The key information from this Grand-Ducal regulation is the issuance of the updated list of Participating Jurisdictions for CRS purposes in Luxembourg according to Annex 1 Section VIII D) 5) of the law of 18 December 2015 regarding CRS.
As the updated list of Participating Jurisdictions that have signed the Multilateral Competent Authority Agreement on automatic exchange of financial account information in the context of CRS released by the OECD on 3 June 2016 should cover all of the signatories of the aforementioned Agreement, it needed to be supplemented by an amendment of the applicable regulation. Therefore, Luxembourg added Israel, Saint Kitts and Nevis, and Russia to the list of Participating Jurisdictions.
In addition, the United States of America was removed from the Participating Jurisdictions list established by the prior Grand-Ducal regulation.
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