New CRS Implementation Handbook Released by OECD

The OECD has published a second edition of the Common Reporting Standard Implementation Handbook, which contains an overview of the Common Reporting Standards framework, aimed at members of the public and the financial sector, together with practical guidance for institutions and governments concerning implementation. The updates are centred around data protection, IT and administrative requirements, as well as concerning the identification of Controlling Persons and standards related to that issue.

Alongside this publication, the OECD has also made available a new set of bilateral exchange relationships, which have been established under the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA). There are reportedly now over 2700 bilateral relationships established worldwide which provide for the automatic exchange of offshore financial account information.

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