Analysis of Common Reporting Standard Loopholes

Update 6 May 2017 - 26 loophole report

PDF document May 2017 report to OECD and EU Parliament on the 26 loopholes of the Common Reporting Standard / Directive Administrative Cooperation in the field of tax matters (DAC)

The OECD is aware of weaknesses of the CRS and will refine the Standard in making it more effective, in priority order of the following:

  1. FIs shifting clients to USA related entity, e.g. S. Dakota trusts
  2. Use of fake Dubai FTZ residence certificates
  3. Investment Entity with management and beneficiary in same jurisdiction
  4. Non-cash value investment-linked insurance
  5. Exclusion of Insurance prohibited from being sold
  6. CRS investment manager advising on assets maintained in USA
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
Important Updates

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