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OECD: More countries commit to tackle tax evasion

Jaclyn Jaeger | May 11, 2016

The Organization for Economic Cooperation and Development and the Global Forum on Transparency and Exchange of Information for Tax Purposes announced today that Bahrain, Lebanon, Nauru, Panama and Vanuatu have now committed to share financial account information automatically with other countries.

With these new commitments, 101 jurisdictions around the world have committed to implement information sharing in accordance with the Common Reporting Standard (CRS). Developed by the OECD and G20 countries and endorsed by the Global Forum in 2014, the CRS calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

The CRS sets out the financial account information to be exchanged, the...

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