Urgency in China to understand CRS impact
There are signs of a growing urgency in mainland China to better understand the implications of next year’s introduction of the Common Reporting Standard (CRS).
Institutions from within China’s trust and banking sectors, as well as private clients, are increasingly seeking guidance from jurisdictions which were early adopters of the OECD regime.
This became clear in Shanghai where Guernsey Finance, in conjunction with the Griffin Plutus Family Office, attracted nearly 200 senior industry practitioners to a briefing.
Some of the key issues practitioners are looking to address ahead of the moves towards global transparency relate specifically to concerns around data protection and correct reporting procedures, said Guernsey Finance.
Discussions have now begun between Guernsey and China around opportunities for the former to export its compliance expertise to the mainland through an educational agreement to bring practical training courses, focused on CRS and other reporting processes, to Shanghai in the first instance.