'The End of Bank Secrecy'? Bridging the Gap to Effective Automatic Information Exchange

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 01 Jan 2014 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Andres Knobel; Markus Meinzer;

doi: 10.2139/ssrn.2943979

'The End of Bank Secrecy'? Bridging the Gap to Effective Automatic Information Exchange

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Abstract

The OECD developed the Common Reporting Standard (CRS) for automatic exchange of information. However, the CRS contains several loopholes regarding access to information by developing countries, thresholds and a number of excluded accounts and a lack of sanctions to enforce compliance. This papers explains the scope of the CRS, identifies several loopholes and proposes solutions to address them.

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