A catalyst for treating exhaust gas from an internal combustion engine includes a carrier body coated with an inner layer and an outer layer. The inner layer includes platinum deposited on a first support material and on a first oxygen storage component, and the outer layer includes platinum and rhodium deposited on a second support material and on a second oxygen storage component. The first and second support materials may be the same or different, and may be selected from the group of: silica, alumina, titania, zirconia, mixed oxides or mixtures thereof, and zirconia-rich zirconia/ceria mixed oxide. The first and second oxygen storage components may include ceria-rich ceria/zirconia mixed oxide compounds, optionally including praseodymia, yttria, neodymia, lanthana or mixtures thereof.