Peer Review of the Automatic Exchange of Financial Account Information 2024 Update

The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) is a multilateral framework for tax transparency and information sharing, within which over 170 jurisdictions participate on an equal footing. The Global Forum monitors and peer reviews the implementation of the international standards of Exchange of Information on Request (EOIR) and Automatic Exchange of Information (AEOI). The standard on AEOI of financial accounts provides for the automatic exchange of a predefined set of financial account information between tax authorities on an annual basis to assist them in ensuring the correct amount of tax is paid. To ensure it is fully effective, the Global Forum carries out a review of each jurisdiction's domestic and international legal frameworks to ensure they are complete, as well as a review of the effectiveness of their implementation of the standard in practice. The report presents the latest conclusions of the peer reviews of the legal frameworks put in place by jurisdictions. It supplements the legal frameworks assessments and initial reviews of the effectiveness of their implementation in practice published in 2022 and 2023 for over 100 jurisdictions that were first to commit to commence AEOI. It also contains the results of the initial peer reviews on the effectiveness in practice of the implementation of the standard by jurisdictions commencing exchanges in 2020.