Common Reporting Standard: Implementation In Asia

The Common Reporting Standard ("CRS") is an internationally agreed standard for automatic exchange of financial account information ("AEOI") on financial account information, endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes.

The CRS framework requires financial institutions in participating jurisdictions to apply specific due diligence procedures in order to identify and report to the respective competent tax authority the financial accounts held by tax residents of participating jurisdictions on an annual basis. This information will then be exchanged amongst the participating jurisdictions. More than 100 jurisdictions, including major financial centers such as the British Virgin Islands, the Cayman Islands, Dubai, Hong Kong, Ireland, Luxembourg, Singapore and Switzerland have endorsed the CRS and will commence the AEOI in either 2017 or 2018.