ARTICLE · 22 OCTOBER 2015

Cayman Regulations Bring CRS Into Effect

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The Cayman Islands government, on October 20 2015, advised that the CRS regulations are now in force and are a key component of Cayman's implementation of automatic exchange of financial account information...

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The Cayman Islands government, on October 20 2015, advised that the CRS regulations are now in force and are a key component of Cayman's implementation of automatic exchange of financial account information in accordance with the internationally agreed standard.

The Cayman Islands government announcement also advised that further parts of the regulations, addressing compliance, will be issued in December 2015. These may include details regarding penalties for non-compliance.

The Cayman Islands Working Group is also considering questions regarding guidance and self-certification forms at this time, although guidance is not expected to be extensive. Guidance will address any particular local issues.

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