UK:
CRS | OECD Unveil Global Standard For The Automatic Exchange Of Information
18 February 2014
Deloitte
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The Organisation for Economic Co-operation and
Development (OECD) have today released their common reporting
standard (CRS) document, which sets out a framework for exchange of
information on financial accounts globally as well as recommended
common due diligence procedures.
FATCA has been the catalyst for a movement towards a global
exchange of information, and this proposal has been developed in
conjunction with the G20 countries, who have fully supported the
OECD in their presentation of a single standard for automatic
exchange of information. It also draws on progress made within the
European Union and global anti-money laundering standards.
The CRS outlines the information that jurisdictions will be
called on to collect and exchange, including the financial
institutions that will be required to report, the different types
of accounts and taxpayers covered and common due diligence
procedures. More than 40 countries have committed to early adoption
of this standard and the system is scheduled to come into force in
2015. The full text is available here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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