OECD Releases IT Tools to Support Exchange of Tax Information: Today, the OECD released IT tools and guidance to support the technical implementation of the exchange of tax information under the Common Reporting Standard for country-by-country (CbC) reporting and exchange of tax rulings. The tools will provide for the electronic transmission of CbC information regarding multinational enterprises between competent authorities in accordance with the final BEPS package of November 2015. The first exchanges of CbC reports will start in 2018 with information for the year 2016.

FinCEN Warns of Corrupt Venezuelan Funds: Today, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions of widespread public corruption in Venezuela and the methods by which persons with ties to Venezuelan officials may move and hide corrupt proceeds. The advisory outlined activities that may be indicative of Venezuelan corruption, such as suspicious Venezuelan government contracts, wire transfers from shell corporations, and real estate purchases in South Florida and Houston, Texas.