Risk factors firms should consider when identifying a jurisdiction’s level of transparency and tax compliance include:

a) Is there information from more than one credible and reliable source that the country has been deemed compliant with international tax transparency and information sharing standards? Is there evidence that relevant rules are effectively implemented in practice? Examples of possible sources include reports by the Global Forum on Transparency and the Exchange of Information for Tax Purposes of the Organisation for Economic Co-operation and Development (OECD), which rate jurisdictions for tax transparency and information sharing purposes; assessments of the jurisdiction’s commitment to automatic exchange of information based on the Common Reporting Standard; assessments of compliance with FATF Recommendations 9, 24 and 25 and Immediate Outcomes 2 and 5 by the FATF or FSRBs; assessments conducted with regard to the EU list of non-cooperative jurisdictions for tax purposes; and IMF assessments (e.g. IMF staff assessments of offshore financial centres).

b) Has the jurisdiction committed to, and effectively implemented, the Common Reporting Standard on Automatic Exchange of Information, which the G20 adopted in 2014?

c) Has the jurisdiction put in place reliable and accessible beneficial ownership registers?