'The End of Bank Secrecy'? Bridging the Gap to Effective Automatic Information Exchange

Abstract

The OECD developed the Common Reporting Standard (CRS) for automatic exchange of information. However, the CRS contains several loopholes regarding access to information by developing countries, thresholds and a number of excluded accounts and a lack of sanctions to enforce compliance. This papers explains the scope of the CRS, identifies several loopholes and proposes solutions to address them.

Keywords: CRS, automatic exchange of information, banking secrecy