Cameroon commits to start automatic exchange of financial account information in 2026

 

14/02/2024 – Cameroon, a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) since 2012, has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by September 2026. Hundred twenty-five of the 171 Global Forum members are now committed to start AEOI by a specific date, including 12 between 2024 and 2026, and the vast majority have commenced exchanges. This ever-growing scope is crucial to ensure the Standard’s effectiveness in combating tax avoidance and evasion.

“By joining the automatic exchange, Cameroonian authorities are reaffirming their total commitment, alongside the Global Forum, to transparency and the fight against international tax evasion and avoidance, in the interest of greater tax fairness and equity and optimal mobilisation of the domestic resources so essential to financing Cameroon's sustainable development,” said Louis-Paul Motazé, Minister of Finance of Cameroon.

The Global Forum will accompany Cameroon’s progress in delivering its commitment to start exchanging automatically by September 2026 and updates will be provided to the Global Forum members and the G20. The Global Forum Secretariat will assist Cameroon’s tax authorities in implementing the AEOI Standard as well as in addressing any challenges that may arise.

“One of the goals of the Global Forum Secretariat’s capacity-building, outreach and technical assistance activities is to equip developing countries to implement and benefit from all forms of information exchange, and we are delighted to see the results of these efforts,” said Gaël Perraud, Chair of the Global Forum. “Cameroon’s decision to commit to automatic exchange will accelerate the country’s fight against tax evasion and other illicit financial flows and should ultimately boost its domestic resource mobilisation.”

Background information:

• Status of commitments for the automatic exchange (AEOI)
  
  
• Update on the Implementation of the 2021 Strategy on Unleashing the Potential of Automatic Exchange of Information for Developing Countries
  
  
• Peer Review of the Automatic Exchange of Financial Account Information 2023 Update
  
  
• Tax Transparency in Africa 2023: Africa Initiative Progress Report

The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels. 

The Global Forum capacity-building programme is supported by the following development partners:

For more information, please contact gftaxcooperation@oecd.org.