July 14, 2020
The CRS requires countries and jurisdictions to exchange information about non-residents’ financial accounts received from their financial institutions annually, which reduces the probability of tax evasion in offshore zones. Many developing countries have joined the process, and more countries are expected to join in the coming years.
In 2019, almost 100 countries carried out an automatic exchange of information, which allowed their tax authorities to obtain data on 84 million financial accounts located in the offshore zones of their residents. The total amount of assets was 10 trillion euros.
The results of 2019 showed a significant increase compared to 2018, when information was exchanged in relation to 47 million financial accounts totaling 5 trillion euros.
For more information read the official source: http://www.oecd.org/tax/international-community-continues-making-progress-against-offshore-tax-evasion.htm
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