Representatives from the Ministry of Finance’s Division of Customs, Treasury, Revenue and Taxation, along with officials from the Registrar of Corporations for non-resident domestic entities, traveled to Paris in early July to defend the RMI’s interim report on the implementation of the Organization for Economic Cooperation and Development Common Reporting Standard.
The Common Reporting Standard (CRS) is a global standard for the automatic exchange of financial account information, designed to enhance transparency and international cooperation in the fight against tax evasion. The standard has been adopted by more than 120 countries, including the Marshall Islands.
As an early adopter of the CRS, the Marshall Islands is undergoing assessment by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes.
While interim reports are not made public, they may contain recommendations for countries to improve their CRS implementation. Countries are given until June 2026 to address these recommendations, after which the final reports will be published. The outcome of this process will have a significant impact on the Marshall Islands’ international reputation and standing in the global financial community.
Among the preliminary recommendations, the OECD has advised that Marshall Islands banks enhance due diligence by collecting additional customer information prior to account openings. The Ministry of Finance is proactively working with local banks to implement these measures.
The RMI government “remains committed to upholding international tax transparency standards and strengthening its financial system in line with global best practices,” said the Ministry of Finance in a statement.