The fight against tax evasion by the world's governments, who are pushing for greater tax transparency, has led to the introduction of automatic exchange of customer information by financial institutions to tax authorities.
FATCA for the rest of us
After the adoption of FATCA by the U.S. in 2010, the period leading to it's implemention in 2014 saw the OECD and key member countries look at implement a similar but broader-reaching information regimen. In February 2014, the OECD agreed on the text of the Common Reporting Standard. By May 2017, 110 jurisdictions have committed to the CRS Multilateral Competent Authority Agreement which operationalises the automatic exchange of information under the CRS on the basis of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
Although not technically the same, there are several areas of similarity between CRS AEOI and FATCA. Our experience of implementing FATCA solutions since it's launch, means the DivDoc team is well placed to support you with AEOI.