Basis for OECD “High-Risk” List for CRS Unclear

Tax evasion has been in the limelight since the Panama Papers Scandal made headlines in 2015, resulting in mounting pressure on governments and organisations to tackle financial crimes and offshore secrecy.

The Organisation for Economic Co-operation and Development (OECD), which developed the Common Reporting Standard (CRS) for the automatic exchange of tax information in 2014, is one organisation that has been honing its activities towards combating such misconduct, and, in 2018, it turned its attention to citizenship and residence by investment (often abbreviated to CBI and RBI respectively). After issuing a consultation document in February, on 16 October it released a list of 21 countries whose immigrant investor schemes “potentially pose a high-risk to the integrity of CRS.”

The release triggered sensationalist responses in

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