November 28, 2013: More than 30 Countries Working on the OECD’s Common Reporting Standard
Foreign Account Tax Compliance Act (FATCA)
Joint statement of 37 territories committed to early adoption of the CRS
On November 28, 2013, more than 30 countries released a joint statement announcing their commitment to early adoption of the Common Reporting Standard (CRS) that is being developed in the Organization for Economic Co-operation and Development (OECD).
The CRS draws on the U.S. FATCA regime and contains the reporting and due diligence standard that supports the automatic exchange of financial account information within the countries joining this initiative.
The countries announcing their support to the single global standard of automatic exchange of information are:
|British Virgin Islands||Greece||Malta||Slovenia|
|Cayman Islands||Guemsey||Mexico||South Africa|
|Denmark||Isle of Man||Norway||Turks and Caicos|
The joint statement also announces the role of the Global Forum in this initiative. The Global Forum will monitor and review the implementation of the new global standard on automatic exchange of information, including the need for confidentiality and proper use of the information exchanged. Likewise, the Global Forum aims to have an important role in offering technical assistance to developing countries. A new group within the Global Form will be composed for those interested in undertaking the automatic exchange of information.
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