The OECD launched a disclosure facility on the Automatic Exchange Portal which allows interested parties to report potential schemes to circumvent the CRS. The OECD also informed that over 1800 relationships are now in place to automatically exchange CRS information between tax authorities.
This facility is part of a wider three step process the OECD has put in place to deal with schemes that purport to avoid reporting under the CRS. It has a wide scope in terms of the Financial Institutions required to report, the financial information to be reported and the scope of Account Holders subject to reporting. It also requires that jurisdictions, as part of their effective implementation of the Standard, put in place anti-abuse rules to prevent any practices intended to circumvent the reporting and due diligence procedures. The disclosure facility can be accessed through the Automatic Exchange Portal, the OECD informed.
The OECD informed that there are now over 1800 bilateral relationships in place across the globe, most of them based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information ("the CRS MCAA"). A further activation round is scheduled to take place in July 2017 which will allow the remaining jurisdictions to nominate the partners with which they will undertake automatic exchanges. In total, 100 jurisdictions have agreed to start automatically exchanging financial account information in September 2017 and 2018, under the CRS.
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