OECD Issues Global Reporting StandardJune 23, 2014
The Organization for Economic Co-operation and Development (OECD) recently released a common standard for the automatic exchange of financial information.
The Organization for Economic Co-operation and Development (OECD) recently released a common standard for the automatic exchange of financial information. The standard applies to financial accounts and institutes due diligence processes that financial establishments must comply with.
The article will review key points of the new standard including:
- The OECD's presentation of the new standard to the Group of Twenty Finance Ministers and Central Bank Governors (G-20).
- Model Competent Authority Agreement (CAA)
- Common Reporting and Due Diligence Standard (CRS)
The standard is specifically meant for jurisdictions wanting to automatically share financial account information and to avoid the propagation of numerous standards that could put more of a compliance burden on financial institutions and governments.
If you are a financial institution or other entity that could be affected, be on the lookout for commentary and technical solutions which are expected to be completed by mid-2014. Read our article "OECD Releases Global Reporting Standard" to learn more.