In our latest episode of MDR Unpacked, our Director of Best Practice Gary Yantin and Head of Legal and Product Research Ruth Mittelmann Cohen share the latest updates on the Mandatory Disclosure Rules in Gibraltar. They will look at what MDR means in Gibraltar, the timescales, the penalties and who needs to comply.
What are the Mandatory Disclosure Rules?
The OECD’s BEPS 12 is a set of principles around Mandatory Disclosure Regimes. To date, the OECD has only developed model rules around Common Reporting Standards (CRS) avoidance and opaque structures. EU member states have implemented OECD’s BEPS 12 through DAC6. The UK announced that as part of the Brexit agreement, they would be transitioning from DAC6 to international rules and introducing their own UK MDR.
MDR has been implemented in non-EU member states such as Gibraltar, Mexico and Argentina, with more countries expected to follow suit.
VinciWorks’ MDR reporting solution for Gibraltar
VinciWorks’ MDR reporting solution provides firms and multinational businesses with the expertise, knowledge and technical infrastructure to comply with the MDR regulations in several countries, including Gibraltar. The tool uses a built-in knowledge engine to guide users through the MDR process and recommends which transactions should be reported. It features workflows designed and updated for the intricacies of cross-border reporting.