ARTICLE · 18 JANUARY 2016

Automatic Exchange of Financial Information: OECD's CRS Now In Force

Solsidus Law

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Following Cyprus' accession to OECD's Common Reporting Standard on 29th October 2014, in an attempt to combat tax evasion and promote transparency, the practical implementation of automatic exchange of financial information is now a reality.

CyprusTax

Stella Koukounis

Following Cyprus' accession to OECD's Common Reporting Standard on 29th October 2014, in an attempt to combat tax evasion and promote transparency, the practical implementation of automatic exchange of financial information is now a reality.

Pursuant to the latest amendment to the Cyprus Collection of Taxes Law of 1978 as published in the Official Gazette of the Republic on 31st December 2015, Cyprus has incorporated the provisions of the OECD on automatic exchange of information of a financial nature, into national law thus ensuring direct enforceability as of 1st January 2016.

The CRS defines the common due diligence procedures ("KYC") to be applied and the documents required in support of those procedures, with a view to proper client identification and reporting. More specifically the CRS defines:

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