OECD Common Reporting Standard (CRS)

The OECD Common Reporting Standard (CRS) is an international agreement that requires financial institutions to report information about accounts held by non-resident individuals and entities to their local tax authorities. These authorities then share this information automatically with the tax agencies of other participating countries. The goal is to improve tax transparency, combat tax evasion, and ensure that individuals and businesses pay their fair share of taxes across borders. Essentially, CRS helps governments collaborate to track and prevent illicit financial activities linked to offshore accounts.