Lebanon and Saudi Arabia have successfully activated 97 CRS relationships

In furtherance of its mission to combat global tax evasion, the Organization for Economic Cooperation and Development (OECD) has announced that Lebanon and Kingdom of Saudi Arabia (KSA) have activated 97 bilateral exchange relationships in preparation for Common Reporting Standard (CRS) reporting on September 2018.

Specifically, Lebanon will be exchanging the required financial account information to 41 jurisdictions. Likewise, KSA will be exchanging information to 56 jurisdictions and will also be receiving CRS reports from 71 jurisdictions.

From a regional perspective, it is expected that Bahrain, Kuwait, Qatar and the United Arab Emirates (UAE) will establish, confirm and activate bilateral CRS relationships by March 2018.

Further details can be found here.