What is the CRS?

The CRS is a global standard for the automatic exchange of financial information between jurisdictions where it is in effect (“participating jurisdictions”). The Organisation for Economic Co-operation and Development (OECD) introduced the CRS in order to combat tax evasion and to improve cross-border tax compliance. It came into effect for early adopter jurisdictions on 01 January 2016 and in late adopter jurisdictions from 01 January 2017.