The Standard on Automatic Exchange of Financial Account Information (the AEOI Standard) is being implemented on a global scale. This global reach is a key element to ensuring its effectiveness in combatting tax avoidance and evasion.
THE COMMITMENTS MADE AND MONITORING THEIR DELIVERY
In order to ensure the widespread implementation of the AEOI Standard the Global Forum initiated a commitment process in 2014, whereby all developing countries and financial centres were invited to commit to implement the AEOI Standard in time to commence exchanges in 2017 or 2018 and to exchange information with all interested appropriate partners (being all those jursidcitons intertested in receiving information and that meet the expected standards in relation to confidentiality and data safeguards. Over 100 jurisdictions made such a commitement, including some developing countries not invited to do so.
- Status of commitments for the automatic exchange of information (version française)
- Exchanges that took place in 2018-2022 (version française)
Commitments to implement the AEOI Standard continue to be made by developing countries not originally invited to commit (due to the capacity constraints they face and their reduced risk to the level playing field) but that wish to benefit from the AEOI Standard.
- Peer Review of the Automatic Exchange of Financial Account Information 2022 (version française)
- Peer Review of the Automatic Exchange of Financial Account Information 2021
- Peer Review of the Automatic Exchange of Financial Account Information 2020
- AEOI Implementation Report 2019 (version française)
- AEOI Implementation Report 2018 (version française)
- AEOI Implementation Report 2017 (version française)
REVIEWing the implementation of the aeoi standard
The Global Forum put in place a “Staged Approach” to monitor, assess and assist the implementation of the Standard during the implementation process. This started with assessments of the confidentiality and data safeguard standards in place in each jurisdiction, followed by the assessment of the domestic legal frameworks being put in place to ensure financial institutions collect and report the information to exchange, and a mechanism to facilitate exchange agreements being put in place between all interested appropriate partners.
As part of its mandate to ensure the effective implementation of tax transparency standards worldwide, the Global Forum has moved to conduct peer reviews of the effectiveness of the implementation of the AEOI Standard in practice, starting in 2020. As a first step, the Global Forum adopted Terms of Reference to be used in these peer reviews. The Terms of Reference incorporate aspects in relation to both the legal implementation of the AEOI Standard and its effective operation in practice.
The Global Forum then worked on the Methodology with which to conduct the AEOI peer reviews in relation to the effectiveness of the implementation of the AEOI Standard in practice. This incorporates lessons learned from the early exchanges and builds on the assessments that have already been conducted.
assisting in the IMPLEMENTATION of the aeoi standard
The Global Forum engages in a range of activities to support its member jurisdictions in effectively implementing the international standards on transparency and exchange of information, and ensuring that exchanges between members’ tax authorities are efficient and of high quality. Assistance is provided for the Exchange of Information on Request, the Automatic Exchange of Information and Confidentiality and data safeguards.
- Toolkit for the Implementation of the Standard for Automatic Exchange of Financial Account Information (version française)
- More resources
For more information, please visit www.oecd.org/tax/transparency.