2019 is the third year in which jurisdictions have been undertaking the automatic exchange of information on financial accounts and assets pursuant to the Standard for Automatic Exchange of Financial Account Information in Tax Matters (the AEOI Standard).
The AEOI Standard incorporates the legal and technical requirements to provide for a complete and standardized model for the automatic exchange of a wide range of financial information, including information on assets and accounts held by banks, insurers and investment entities (such as funds and certain trusts) held by individuals and entities resident offshore. This detailed and standardized approach maximizes the potential benefits of the AEOI Standard while, minimizing costs for governments and financial institutions.The results of the 2019 exchanges compared to the 2018 exchanges as reported by each jurisdiction are set out in this document. Overall, so far in 2019 a total of 94 jurisdictions automatically exchanged information. Part 1 sets out the number of partner jurisdictions to which each jurisdiction sent information in 2018 and 2019 respectively. It shows a significant increase in the scope of exchanges between 2018 and 2019.
Part 2 shows the jurisdictions that have not yet completed their technical implementation of the AEOI Standard, demonstrated by the jurisdiction successfully linking up to the Common Transmission System (CTS) set up by the OECD’s Forum on Tax Administration and managed by the Global Forum. This is generally the final step in the implementation process. These jurisdictions are therefore those jurisdictions that have the necessary legal frameworks in place but that have not yet successfully tested and linked up to the CTS.