Analysis of Common Reporting Standard Loopholes

See CRS Times on this webpage below, a regular journal on latest news regarding CRS / FATCA weaknesses

* * Update 15 June 2018 * * OECD updates list of 106 jurisdictions committed to CRS and 43 Global Forum Members but not yet set date to implement automatic exchange of Financial Account Information

* * Update 4 June 2018 * * CRS FAQ closes trust-based and ORSO retirement plan loophole, as well as irrevocable life insurance

* * News 31 May 2018 * * EU Commission Director General Taxation warns USA will be blacklisted in 2019 if it does not adopt CRS. Three out of seven blacklisted nations are US territories

* * News 25 May 2018 * * EU Council updates uncooperative tax havens list - blacklists 7 and greylists 65 jurisdictions

* * Update 19 April 2018 * * OECD publishes feedback on abuse of residence consultation

* * Update 6 April 2018 * * 2nd OECD CRS Implementation Handbook

* * Update 29 March 2018 * * Determine tax residences based on Centre of vital Interest

* * Update 13 March 2018 * * EU Council approves OECD CRS in amended directive

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

* * Update 10 March 2018 * * OECD releases MDR

Changes in 2nd edition of Handbook provide additional up-to-date guidance on areas related to the effective implementation. Includes revisions pertinent to the legal framework for implementation, data protection, IT and administrative infrastructures as well as compliance measures. Clarity provided in trust section relating to identification of Controlling Persons.
The Common Reporting Standard

  1. June 2018 - OECD list of 106 jurisdictions PDF document committing to CRS by 2020. Also 43 developing members of Global Transparency Forum but not yet set the date for automatic exchange.
  2. June 2018 - The OECD list of PDF document CRS-related Frequently Asked Questions. Update closes pensions loophole.
  3. The PDF document 2nd CRS implementation Handbook
  4. OECD PDF document Common Reporting Standard and Commentary
  5. May 2018 - OECD maintains a list jurisdiction-specific overview of the steps taken and choices made by jurisdictions in the context of implementing the Standard.
  6. May 2018 - List of 102 PDF document Signatories of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information and intended Information Exchange Date.
  7. April 2018 - 150 Members of the OECD Global Transparency Forum.
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.
Proposed address of abuse of Residence by investment

. List of country updates by date
Newsworthy Updates

PDF document Click to download

PDF document Click to download

Published early PDF document Click to download

Published early PDF document Click to download

Published early PDF document Click to download

Publishing in July

Publishing in late July

Publishing in August - send questions

Publishing in September - MDR special