Financial Transparency is the new global standard. The OECD Common Reporting Standard (CRS) expands the scope of cross board financial account disclosure originally introduced by the US Foreign Account Tax Compliance Act (FATCA). Malaysia is a fully committed member of the CRS Multilateral Competent Authority Agreement, with 60 exchange relationship where the Malaysia IRBM will send financial data to foreign tax authorities, and 84 exchange relationship where the IRBM will receive financial data on accounts held by Malaysians in countries such as Singapore, Australia, China, Hong Kong, New Zealand, Switzerland and UK.
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