An integrated solution to adequately manage the full AEOI process

The effective implementation of the Multi Data Exchange Solution (MDES) in Curacao for FATCA and CRS compliance.

Background

The client is the Government of Curaçao, specifically the Ministry of Finance. The Ministry of Finance is considered the “Competent Authority” for Curaçao, and is responsible for adhering to the bilateral agreements, such as the Foreign Account Tax Compliance Act (FATCA) and the OECD's Multilateral Competent Authority Agreement for the Common Reporting Standard (CRS MCAA), designed to combat international tax evasion.

Key highlights

Challenges

  • Overcoming legislative and organizational hurdles to achieve compliance with AEOI requirements
  • Limiting the administrative burden and disruption to core business operations
  • Quickly approaching yearly reporting deadlines for FATCA and CRS

Solution

  • A single IT system that supports multiple bilateral agreements, and is capable of handling the complex and evolving processes of automatic data exchange in a secure and stable environment.

Results

  • Fast and effective solution to AEOI compliance of Curaçao
  • Full-service approach, including support of the communication between the Tax Inspectorate and the Financial Institutions (FI’s)
  • Development of an online Exchange of Information (EOI) community website and an Automatic Exchange of Information (AEOI) helpdesk for the FI’s