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Transparency and disclosure(the Foreign Account Tax Compliance Act (FATCA)) in designing theCRS (see section 4.5 below for further discussion of the intergovernmentalagreements). Under this system, certain financial entities havean obligation to report specified information on account holders to thetax authorities in their own jurisdiction. That jurisdiction would thenshare the account information with the country in which the accountholder is a resident. The expectation is that the emerging standardand system would be a minimum standard of sharing informationbetween jurisdictions. Countries could, of course, decide to exchangeadditional information.4.3.2 Common Reporting StandardThe CRS details the entities that must report, the type of informationto be reported, the types of accounts for which information must bereported and the due diligence required of the reporting financial entities.Reporting entities: Under the CRS, the following types of financialinstitutions are required to participate in reporting financialinformation of taxpayers: custodial institutions, depository institutions,investment entities and specified insurance companies (unlessthere is low risk of evasion).Information provided: The types of financial information tobe provided by the reporting financial entities include: interest, dividends,account balance or value, income from certain insuranceproduces, sales proceeds from financial assets, and other income generatedby assets held in the account or payments made with respect tothe account. 48Covered accounts: The accounts (“reportable accounts”) forwhich reporting must be made by the reporting financial entitiesinclude accounts held by individuals and entities (including trusts andfoundations). To limit evasive tax planning, the reporting financialentities must look through passive entities and report on the controllingpersons. In terms of providing identifying information regardingthe account, the financial entity must report the “name, address,jurisdiction(s) of residence, TIN(s) and date and place of birth (in the48Ibid., at 15.547