Crown Dependencies to Send Russian Residents Bank Account Details to Moscow

By in

Several Crown Dependencies will start to share details of financial accounts owned by Russian citizens to the Russian government later this financial year.

Even though the UK has withdrawn from the OECD Common Reporting Standard information exchange with Russia, the following jurisdictions will undertake such practices:

Guernsey.
the Isle of Man.
Jersey.
Russian Citizens are now authorised to open overseas bank accounts in all jurisdictions that share account information with the country’s tax authorities on an automatic basis, the reports state.