Benjamin Szeto, Partner and Deputy Head of RHTLaw Taylor Wessing’s Private Wealth Practice, gave a talk to private bankers on the Mandatory Disclosure Rules (“MDR”) published by the OECD on 12 March 2018. The talk was live-streamed to the bank’s staff in Hong Kong, Jakarta and Manila. There were more than 60 attendees in Singapore.
The MDR are anti-avoidance provisions aimed at deterring, detecting and preventing the circumvention of the Common Reporting Standard (“CRS”). The MDR are drafted in broad, purposive language designed to capture any possible means of bypassing the CRS. Therefore, it is critical for wealth planning professionals to be mindful of the MDR’s scope. A crucial point is that the MDR are intended to have retrospective effect.
Benjamin also spoke on the practical steps to ensure that one does not breach the MDR, and also the approach to adopt with private wealth clients.