CRS 2.0 and CARF: Preparing for the next phase of global tax transparency

CRS 2.0 represents the most significant update to the Common Reporting Standard since its introduction in 2014. Together with the Crypto-Asset Reporting Framework (CARF), the new framework expands tax transparency requirements beyond traditional financial assets and reinforces expectations around due diligence, data governance and reporting quality. Cayman, BVI and Hong Kong have all announced implementation measures, requiring organisations to assess readiness for a new compliance environment.