The effective implementation of the Multi Data Exchange Solution (MDES) in Curaçao for FATCA and CRS compliance.
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. A single IT system was developed to support multiple bilateral agreements, and that is capable of handling the complex and evolving processes of automatic data exchange in a secure and stable environment.
- 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