Common Reporting Standard (CRS)

The Common Reporting Standard (CRS) is an international agreement developed by the Organisation for Economic Co-operation and Development (OECD) to combat tax evasion. It requires financial institutions in participating countries to collect and report information about foreign account holders to their local tax authorities. This information is then shared with the tax authorities of the account holders' home countries. The aim is to promote tax transparency and ensure individuals pay the taxes they owe, ultimately reducing the ability to hide wealth offshore. More than 100 countries are committed to implementing CRS.