Global Forum organises workshop on automatic exchange of information’s effectiveness review process
03/12/2021 – The Global Forum Secretariat organised a workshop on the effectiveness review process with a focus on ensuring compliance by financial institutions in relation to the Automatic Exchange of Financial Account Information (AEOI). Held virtually on 1-2 December 2021, it was attended by over 420 participants from 84 jurisdictions.
Through presentations from members of the AEOI assessment panel, the Chair of the AEOI Peer Review Group, the Global Forum Secretariat, as well as experience sharing from various jurisdictions, the workshop touched on key aspects of the effectiveness review process:
- AEOI effectiveness review framework, including detailed expectations
- key findings of the reviews conducted so far
- effective administrative compliance framework and enforcement mechanisms to ensure compliance with the Common Reporting Standard by reporting financial institutions.
The AEOI Standard is truly global with 120 from 163 Global Forum members committed to start automatic exchanges by a specific date, and more than 100 jurisdictions having already started. Delivering its benefits relies on an international level playing field in relation to its widespread adoption and the effectiveness of its implementation. The Global Forum supports this objective through its commitment process, ongoing monitoring and peer reviewing and its capacity-building programme.
The peer review framework, initially focused on the 100 jurisdictions committed to commence exchanges in 2017 or 2018, started with a review of the legal frameworks put in place to implement the standard and the results have already been published in the Peer Review of the Automatic Exchange of Financial Account Information 2021. The conclusions of the reviews of the effectiveness of implementation of the AEOI Standard are due to be published by the end of 2022.
- AEOI Implementation Handbook
- Guide on Promoting and Assessing Compliance by Financial Institutions
- Standard for Automatic Exchange of Financial Account Information in Tax Matters
- Toolkit for the Implementation of the Standard for Automatic Exchange of Financial Account Information
- Unleashing the potential of automatic exchange of information for developing countries - 2021 Strategy
Through its capacity-building activities, the Global Forum is working to ensure that all members, and in particular developing countries, can benefit from the AEOI Standard. The Secretariat assists jurisdictions in their implementation of a compliance strategy and framework to ensure the effectiveness of the standard and helps them build strategies to address issues of non-compliance.
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