The Common Reporting Standard (CRS) is an international framework developed by the Organisation for Economic Co-operation and Development (OECD) to facilitate the automatic exchange of financial account information between tax authorities worldwide. Its primary aim is to combat tax evasion by requiring financial institutions to identify and report accounts held by non-residents to their local tax authorities, who then share this information with the account holders’ home countries. The CRS sets out the due diligence and reporting requirements for financial institutions, and has been adopted by over 100 jurisdictions globally. This standard enhances transparency and cooperation among tax authorities, helping to ensure tax compliance and reduce the risk of offshore tax evasion.