Global Forum and Ministry of Economy and Finance of Panama organise first practical workshop on Common Reporting Standard compliance audits

 

17/04/2024 - The Global Forum Secretariat and the Ministry of Economy and Finance of Panama organised the first practical workshop on verifying Reporting Financial Institutions’ compliance with their obligations under the Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) on 15-17 April 2024 in Panama City. The event brought together 38 participants representing tax administrations and ministries of finance from 15 jurisdictions.

The three-day workshop aimed at assisting jurisdictions in their efforts to ensure effective compliance of Reporting Financial Institutions with their due diligence, reporting and record-keeping obligations. Through practical exercises, participants were trained on how to carry out effective compliance audits, including performing sampling, interviews and records’ reviews. The workshop also aimed at developing in-depth and sustainable capacities, with dedicated sessions focused on ensuring an effective transfer of knowledge by the participants within their organisations.

As part of its strategy to unleash the potential of the AEOI for developing countries, the Global Forum Secretariat has been developing toolkits, e-learning courses, as well as models to facilitate the implementation of the AEOI standard. This practical workshop is the first of a series of workshops on Common Reporting Standard (CRS) compliance audits to be delivered in 2024.

Background documents 

• Unleashing the Potential of Automatic Exchange of Information for Developing Countries - 2021 Strategy
  
  
• Toolkit for the Implementation of the Standard for Automatic Exchange of Financial Account Information
  
  
• 2024 Global Forum Capacity Building Report

The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the exchange of information on request standard and the standard of automatic exchange of 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.