The Organisation for Economic Cooperation and Development (OECD)
Global Forum on Transparency and Exchange of Information for Tax
Purposes ("the OECD's Global Forum") has assessed
Guernsey's implementation of the standard for the automatic
exchange of financial account Information (more frequently known as
the Common Reporting Standard (CRS).
According to the report published in November, the overall
determination is that the island's legal framework is 'in
place' to meet the required standard.
The island's overall rating concerning the initial
assessment of effectiveness in practice is 'on track'
– the highest possible rating.
The report, issued by the OECD's Global Forum, reviewed 99
jurisdictions and examines whether the necessary law, processes
(including compliance activities) and systems are in place to
ensure that the jurisdiction's financial institutions comply
with the standard.?
