OECD: Status of CRS exchange network | KPMG | GLOBAL

OECD: Status of CRS exchange network

OECD: Status of CRS exchange network

The Organisation for Economic Cooperation and Development (OECD) today released an update concerning the common reporting standard (CRS), reporting a further 350 bilateral automatic exchange relationships being established with over 50 jurisdictions committed to exchanging information automatically pursuant to the CRS starting in 2017.

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Today’s OECD release states that there are now more than 1,300 bilateral relationships in place across the globe, most based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the CRS MCAA). With respect to the jurisdictions exchanging as of 2017, 1,133 out of the 1,459 possible bilateral exchange relationships are now established. The 326 non-activated exchange relationships are mainly due to the fact that six jurisdictions were not yet in a position to provide a full set of notifications. 

Two more rounds of activations are scheduled to take place in March and June 2017, to allow the remaining 2017 and 2018 jurisdictions to nominate the partners 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 March 2017, with updates to follow on a periodic basis. 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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