OECD announces significant expansion to CRS relationships
29 December 2016
Earlier this month, the OECD announced that a further 350 bilateral relationships have been established between over 50 jurisdictions in 2017. This is means that there are now over 1300 arrangements in place to exchange financial account information next year in the first wave of CRS exchanges .
A further significant expansion will take place in 2018 as the second wave of countries come on board, by which time more than 100 jurisdictions will be automatically exchanging financial account information under the Common Reporting Standard (“CRS”).
Following the first two waves of CRS adopters, it is widely anticipated that there will be a third wave of countries joining in a third wave, possibly as soon as 2019 or 2020.
A number of major countries are receiving practical assistance from the OECD to develop the foundations to introduce CRS.
Tel: +44 (0) 203 865 0626
This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Hansuke Consulting Limited would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Hansuke Consulting Limited accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.