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Agreements on exchange of information

In February 2014, the OECD published the final text of its Common Reporting Standard (CRS) for automatic exchange of information (AEOI) between tax authorities worldwide. The standard, which commentators are calling the 'Global FATCA', requires jurisdictions to obtain information from their financial institutions and to exchange that information automatically with other jurisdictions on an annual basis¹. The number of countries who have committed to implementing automatic exchange of information can be found here.

As part of its ongoing efforts to maintain the integrity of the CRS, the OECD launched a public disclosure facility for information on schemes designed to circumvent the application of the Common Reporting Standard². This facility is part of a wider process the OECD has put in place to deal with schemes that purport to avoid reporting under the CRS.

The OECD Global Forum Secretariat also produced a Confidentiality and Information Security Management toolkit to assist in the implementation of the AEOI Standard. The toolkit is designed to