China joins global framework for sharing of financial data

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On 16 December 2015, China signed the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information – an international framework that allows the automatic exchange of common reporting standard (CRS) information between jurisdictions.

China is the 77th jurisdiction to join the MCAA, under the Organization for Economic Co-operation and Development (OECD). Each signatory to the MCAA is required to notify the OECD Co-ordinating Body Secretariat of the jurisdictions with which it intends to co-operate in enforcing the multilateral agreement.

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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: [email protected]