The Common Reporting Standard (CRS) is the
standard for automatic exchange of financial account information
produced by the Organisation for Economic Cooperation and
Development (OECD) which provides for systematic
and periodic automatic exchange of information between signatory
jurisdictions. At its heart is a requirement for financial
institutions, including British Virgin Islands
(BVI) investment funds, (Reporting FIs, which
bears a resemblance to the scope of Reporting FIs under FATCA)
based in such jurisdictions to report to the national competent
authority.
As at the date of this alert, more than 90 countries and
territories (click here
for the list) have committed to implementation of CRS. The BVI is a
part of the "Early Adopters Group" which has pledged to
commence implementation of CRS from 1 January 2016. The Early
Adopters Group contains numerous countries and territories,
comprising many of the world's pre-eminent financial centres
and fund domiciles
