OECD hails impressive results from CRS

More than 90 jurisdictions participating in the common reporting standard (CRS) have, since 2018, exchanged information on 47 million offshore accounts with a total value of about €4.9tn, according to new data from the Organisation for Economic Co-operation and Development (OECD).

Voluntary disclosure of offshore accounts, financial assets and income in the run-up to full implementation of the automatic exchange of information initiative resulted in more than €95bn in additional revenue for OECD and G20 countries over the period 2009 to 2019. This cumulative amount is up by €2bn since the last reporting by OECD in November 2018.