The deadline for reporting information automatically under the Common Reporting Standard (CRS) is approaching. Financial institutions from 51 countries must report in September 2018, including, but not limited to, Andorra, the Bahamas, Belize, Monaco, Panama, Uruguay, Israel, and Switzerland. To access the complete list of countries and the progress being made on the implementation in each country, click here.
Delays in local CRS implementations are creating uncertainty and confusion among financial advisors, fiduciaries, and their clients, who are unclear about the decisions that need to be taken. All these countries have already transformed the CRS into laws, their financial institutions modified their due diligence procedures, and they are identifying reportable accounts and preparing the information to report, both balances and incomes.
This process may take more or less time in each of these countries, but something is certain: transparency is going forward and there is no turning back. The exchange of information will come sooner or later, so better to assume it now and make sound decisions with clear rules.