In September 2014 the G20 Finance Ministers accepted and committed to implement the Common Reporting Standard as part of the OECD Standard for Automated Exchange of Financial Accounts Information in Tax Matters (“AEOI”). The industry has been expecting a global equivalent of FATCA ever since it became a regulatory reality. OECD CRS is that “GATCA” or “Global FATCA” regulation and with initial reporting required in 2015, OECD has not left long for organisations to comply.

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