OECD Gets First Results from Disclosure Facility

Stephen Kessinger
June 6, 2017

This blog was last updated on June 27, 2021

Last month, the OECD launched its public disclosure facility in order for interested parties to submit potential schemes they believe are being used to circumvent the Common Reporting Standard.  The facility’s goal is to understand these schemes or loopholes to further strengthen CRS’s effectiveness in promoting greater transparency.  Within a month, the OECD had received several submissions relating to a so-called “Occupational Retirement Scheme” employed in Hong Kong.  In response, the Inland Revenue Department of Hong Kong issued guidance in order to address the use proper use of the ORS.

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Author

Stephen Kessinger

Stephen Kessinger is a Regulatory Counsel for Sovos Compliance. Within Sovos’ Regulatory Analysis function, Stephen focuses on AEOI reporting, including FATCA, CDOT and CRS. Before joining Sovos, Stephen earned his B.A. from the University of Vermont, and his J.D. from Roger Williams School of Law. He currently is a member of the Massachusetts and Rhode Island Bar Associations.
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