OECD releases Consultation Document


On 19 February 2018, the Organisation for Economic Cooperation and Development (“OECD”) published a Consultation Document, which includes information on the misuse of Residence by Investment (“RBI”) and Citizenship by Investment (“CBI”) in order to evade reporting under the Common Reporting Standard (“CRS”) (Link).

In particular, the document contains the schemes which are used for evading the CRS, the types of schemes that are of high risk of abuse and explains the importance of the correct application of relevant CRS Due Diligence procedures. In addition, the OECD will announce further steps which it will undertake to address the issue and is requesting input from the market (Link).

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