OECD Global Forum on Transparency and Exchange of Information – Annual Meeting and Reports

The Global Forum held its annual (2018) meeting from 17 to 19 November in Yaoundé, Cameroon

A statement of outcomes was published setting out all the detailed actions and achievements

Exchange of Information on Request (EOIR)

The Global Forum is getting towards the end of its first round of peer reviews of countries implementation of, and compliance with, the international standard for exchange of information on request (EOIR). The revised, 2016, terms of reference of this work are available by clicking here.

Annex 2 of the statement of outcomes is a table of countries with their EOIR ratings and of the nearly 120 countries only one, Trinidad and Tobago, is listed as non-compliant. The first round of peer reviews began in 2010 and a second round was instigated in 2016 to include an assessment of the availability of, and access by, tax authorities to beneficial ownership information of all legal entities and arrangements.

Automatic Exchange of Information (AEOI_

Annex 1 of the statement of outcomes is a table of countries that have committed to AEOI and the year in which they will implement this standard. Forty-nine countries, including the UK, are implementing in 2017, with fifty-three countries implementing in 2018 and 4 countries in 2019-20. There are forty developing countries that have not yet committed to a date. The United States has undertaken automatic information exchanges pursuant to FATCA from 2015 and entered into intergovernmental agreements (IGAs) with other jurisdictions to do so. The Model 1A IGAs entered into by the United States acknowledge the need for the United States to achieve equivalent levels of reciprocal automatic information exchange with partner jurisdictions.

The peer review process for AEOI will begin in 2020.

OECD has published an AEOI Implementation Report 2017.

Developing countries

More than half the members in the Global Forum are developing countries and the Global Forum is boosting its technical assistance work as many of the countries have little experience of exchange of information. An induction programme has been put in place to assist more than 20 new members to develop their exchange of information procedures and practices.

2018 - Next steps

The statement of outcomes summarises the Global Forum’s next steps for 2018 as follows:

“The key focus in 2018 will be on the full and timely delivery of the commitments made by the jurisdictions scheduled to commence AEOI exchanges in 2018, the development of the framework for the full AEOI peer reviews and the progress in the implementation of the AEOI Standard by developing country members. Furthermore, in relation to the EOIR Standard, the Global Forum will deliver further reports in the second round of EOIR peer review. Ensuring progress in the availability of and access to beneficial ownership information will also be at the centre of the Global Forum’s EOIR and AEOI assessments and technical assistance work.”

The next annual meeting of the Global Forum will be in October or November in Uruguay.