Analysis of Common Reporting Standard Loopholes

* * Update 9 March 2018 * * How OECD will address residence by investment schemes

* * Update 10 March 2018 * * OECD releases MDR

* * Update 13 March 2018 * * EU Council approves OECD CRS in amended directive
The Common Reporting Standard

  1. OECD PDF document Common Reporting Standard and Commentary
  2. The PDF document CRS implementation Handbook
  3. The OECD maintained list jurisdiction-specific overview of the steps taken and choices made by jurisdictions in the context of implementing the Standard.
  4. The OECD list of PDF document CRS-related Frequently Asked Questions
  5. November 2017 - OECD list of 105 jurisdictions PDF document CRS committing to CRS by 2020. Also the 41 developing countries having not yet set the date for first automatic exchange.
  6. January 2018 - List of 98 PDF document signatories to the Competent Authority Agreement on Automatic Exchange of Financial Account Information.
  7. December 2017 - OECD PDF document FAQ on CRS.
Mandatory Disclosure Rules addressing CRS avoidance arrangements

Pascal Saint Amans quoted in news that the model disclosure rules will be submitted to the G7 presidency and are part of a wider strategy of the OECD to monitor and act upon tendencies in the market that try to avoid CRS reporting and hide assets offshore.
Abuse of residence by investment schemes

Newsworthy Updates

The most egregious CRS loopholes
UAE Investment Residency Sham.

Hong Kong ORSO sham.

Singapore nil report on settlors of irrevocable trusts.

Manage assets in non participating jurisdiction.

Asian banks categorising trading companies as Active NFE.

Single owned Investment-Entity.