OTHER ASSESSMENT SOURCES AND TOOLS
EXCHANGE OF INFORMATION
LOCAL REPORTING REQUIREMENTS
LOCAL DUE DILIGENCE REQUIREMENTS
REPORTS AND PROFILES
A growing number of countries have signed up to the Common Reporting Standard (“CRS”). CRS was developed in response to the G20 request, approved by the OECD Council on 15 July 2014, and calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
The Egmont Group of Financial Intelligence Units, which has around 160 country members, has agreed principles for the exchange of information between Financial Intelligence Units relating to money laundering, associated predicate offences, and the financing of terrorism