In order to support the automatic exchange of information collected under the OECD’s Model Mandatory Disclosure Rules on Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Structures (MDRs), the OECD has today released the international administrative and operational framework for the exchange of information collected under the MDRs.

Seychelles need to raise awareness on the risks associated with off-shore banking and set up legislation to fix loopholes within financial regulatory systems, said a top American official on Tuesday.

The United States’ Assistant Secretary for Terrorist Financing at the Department of Treasury, Marshall Billingslea, told reporters that awareness needs to be raised in particular on “establishment of off-shore shell companies without an effective beneficial ownership registry.