The quick implementation of the global exchange of financial information for tax purposes has been described as "remarkable" and even "admirable". However, concerns remain about weaknesses in the legal framework and the ability of some jurisdictions to ensure taxpayer information is kept confidential and secure. The Organisation for Economic Co-operation and Development (OECD), together with the G-20 countries, started discussions in 2012 to prevent base erosion and profit shifting (Beps). It identified greater tax transparency on a global level as an important tool in the process. By 2014, the OECD, with the help of the G-20 and the EU, had developed the Standard for Automatic Exchange of Financial Account Information in Tax Matters, also known as common reporting standard (CRS). The standard aims to equip tax authorities with an effective tool to tackle offshore tax evasion through the exchange of information. The first exchanges took place in September last year. At least 130 tax...

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