The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged.
195 countries have now signed up to CRS, however one of the main drivers of the implementation of CRS has not signed up, and guess who? the good old USA of course. However currently, the vast majority of our clients will come under CRS reporting. To be clear, it will be the banks doing reporting, not the jurisdiction of your Company. If you are a client or about to be a client of Amanda J Molyneux & Company, may I suggest that you contact me to discuss some alternatives that may be available to you. I suggest you do not delay!