FAQs on the CRS MCAA
Q1. How many jurisdictions have signed the CRS MCAA?
Q2. Singapore has been establishing AEOI (CRS)
relationships via the bilateral approach so why is Singapore signing the CRS
MCAA now?
Q3. Does signing the CRS MCAA mean Singapore will
exchange information with all MCAA signatories?
No, signing the CRS MCAA does not mean that
Singapore will exchange information with all the signatories.
Under the MCAA, each signatory has ultimate
control over exactly which exchange relationships it enters into and that each
signatory’s standards on confidentiality, data protection and appropriate use
of information will always apply.
Singapore will establish a relationship with
fellow signatories that can meet the following principles:
- The
AEOI partner has the safeguards needed to ensure the confidentiality of
information exchanged and prevent its unauthorised use;
- There
is full reciprocity with the AEOI partner in terms of information exchanged;
and
- Singapore
will also want to ensure that there is a level playing field among all major
financial centres. Singapore will consider engaging in automatic exchange of
financial account information with regional jurisdictions which have the
safeguards to ensure the confidentiality of information exchanged, and have
similar agreements in place with relevant financial centres, including Hong
Kong and Switzerland.