OECD: Update on CRS implementation across jurisdictions

OECD: Update on CRS implementation across jurisdictions

The Organisation for Economic Cooperation and Development (OECD) today announced as a further step on the implementation of the “common reporting standard” (CRS), the first series of bilateral automatic exchange relationships established among the first batch of jurisdictions committed to the automatic exchange of information as of 2017. In total, 101 jurisdictions have agreed to start automatically exchanging financial account information in September 2017 and 2018, under the CRS.

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As noted in today’s OECD release, with still a year to go before the first exchanges of information on financial accounts pursuant to the CRS, the OECD stated there are now more than 1,000 bilateral relationships established across the globe, with most based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the CRS MCAA). The OECD release includes the full list of automatic exchange relationships currently in place under the CRS MCAA.

The OECD reported that more jurisdictions are expected to nominate the partner jurisdictions with which they will undertake automatic exchanges in the coming months. The next update on the latest bilateral exchange relationships will be published before the end of 2016, with updates to follow on a periodic basis. This reflects a step towards the timely implementation of the OECD-developed international standard for the automatic exchange of financial account information, and reflects the determination of jurisdictions around the world to deliver on their political commitment to fight tax evasion.

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