CRS for both companies and bank accounts

[bigladsmith]

So,

after much reading and then more reading I'm a little confused about CRS and also the new AML5 regulations. As far as I can tell there are two parts to CRS

1: CRS in relation to bank accounts and the country where this account is located and,

2: CRS in relation to companies and the country where these are located

Now I'm reasonably comfortable with item 1 and what it means for me. I have a number of accounts in (at present) non-CRS countries. We all know this is an ever decreasing list of countries so let's not get into that talk. In basic terms there are no reporting requirements on these jurisdictions. There are exceptions to this I believe.

as for item 2 is it the case that jurisdictions that have signed up to this have to report details of companies registered there? For example if a company is registered in Mauritius (who are inside CRS) does this jurisdiction report company details, shareholders, directors etc?

Finally what does AML5 do to the situation? Anything? Nothing?

 

[Spinat]

In some jurisdictions it sounds like if you keep the company active and all is registered in the same country, still foreign owner / UBO, so there is no reporting. I'm not sure how true that is and how long that will last, but I heard it apply for a few countries already.

Toggle signature
Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
Contact

 

[Osleak]

For what I've understand there is not CRS for company register, just bank accounts.