Guernsey Finance stages CRS briefing in Hong Kong
GUERNSEY is continuing to promote its expertise on the introduction of the OECD's Common Reporting Standard in Asia.
Promotional agency Guernsey Finance has uncovered a demand for guidance on the implications and requirements for wealth management practitioners associated with the introduction of CRS, and on top of a roadshow in China, has staged a CRS briefing in Hong Kong which attracted more than 60 delegates.
Guernsey Finance deputy chief executive Kate Clouston said that Guernsey, one of the early adopters of CRS in 2014 and among the first 50 countries and jurisdictions to begin reporting this year, was perfectly placed to share its expertise with its Asia counterparts.
'Guernsey has always been at the forefront of adopting and implementing international legislation and CRS is no exception,' said Miss Clouston.
'Adherence to international reporting standards is a relatively new issue in China and there is understandably a lot of concern about how, what and when to report. Guernsey advisers are well placed to offer advice and commentary on these procedures and we are pleased to be able to share this information with audiences in Hong Kong and China.'
China has committed to being among the second batch of jurisdictions to implement CRS and to complete its first round of automatic exchange of financial account information by September 2018.
The country's law-makers have issued various administrative measures that already require financial institutions in China to implement certain elements of CRS.
