Common Reporting Standard, The End of Privacy?

CRS stands for “Common Reporting Standard”, a mechanism designed by the OECD (Organization of Economic Development), a charter-less organization comprised of the biggest countries in the world, countries one would consider to be “Tax Hells” or Tax Infernos” for their high tax rates.

The CRS is a mechanism developed by the OECD that “calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.” (Taken from http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/)