OECD launches facility to disclose CRS avoidance schemes

As part of its ongoing efforts to maintain the integrity of the OECD Common Reporting Standard (CRS), the OECD is today launching a disclosure facility on the Automatic Exchange Portal which allows interested parties to report potential schemes to circumvent the CRS. Also today, a further important step to implement the CRS was taken, with an additional 500 bilateral automatic exchange relationships being established between over 60 jurisdictions committed to exchanging information automatically pursuant to the CRS, starting in 2017.