FATCA CRS alert 2019-05

FATCA CRS alert 2019-05



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OECD: The current state of Automatic Exchange of Information

The Organization for Economic Cooperation and Development (OECD) issued a statement of outcomes for the Global Forum’s 10th Anniversary Meeting in Paris held on 26th and 27th November 2019. The meeting was attended by over 500 delegates from 131 member jurisdictions to discuss renewed efforts for advancing the tax transparency agenda.

According to a report released by the Global Forum, in 2018 around 100 jurisdictions automatically exchanged information on 47 million financial accounts, covering total assets worth US $4.9 trillion. More than EUR 100 billion of additional tax revenue has been identified since 2009. Further, the commencement of the Automatic Exchange of Information (AEOI) in 2017 and 2018 has led to a 22 percent reduction in International Financial Centers’ (IFC) bank deposits owned by non-IFC residents.

Lastly, the OECD has launched the “2019 AEOI Implementation Report” which provides a summary of the situation of AEOI implementation as of 24 November 2019.

Reference: Statement of Outcomes [PDF 718KB], Press Release and 2019 AEOI Implementation Report [PDF 3,999KB]

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