OECD: Peer review of automatic exchange of information (AEOI) published
First peer reviews with effectiveness ratings for the 99 countries and jurisdictions that committed to starting AEOI in 2017 or 2018
First peer reviews with effectiveness ratings for the 99 countries and jurisdictions that
The Organisation for Economic Cooperation and Development (OECD) today published a report “Peer Review of the Automatic Exchange of Financial Account Information 2022.”
According to the OECD release, in 2022, 110 jurisdictions automatically exchanged information on 111 million financial accounts worldwide, covering total assets of €11 trillion. Furthermore, another 10 jurisdictions are expected to commence exchanges in the coming years.
The report includes the first peer reviews with effectiveness ratings for the 99 countries and jurisdictions that committed to starting automatic exchange of information (AEOI) in 2017 or 2018. It shows that:
- Virtually all jurisdictions have put in place the necessary legal frameworks and successfully started exchanges, and are exchanging information without significant timing or technical issues.
- Two-thirds of the jurisdictions are actively conducting compliance activities to ensure financial institutions are reporting accurate information, and a further 15 jurisdictions are found to have put in place credible compliance frameworks.
- Only 19 jurisdictions have been found to have fundamental deficiencies in their frameworks.
The Global Forum also published 10 new peer review reports today on the Exchange of Information on Request (EOIR) for Barbados, the British Virgin Islands, Iceland, Israel, Kuwait, the Maldives, Morocco, Slovenia, South Africa and Türkiye.
- Seven jurisdictions were issued updated ratings on their practical implementation of the EOIR standard, with six of them (Barbados, Iceland, Morocco, Slovenia, South Africa and Türkiye) granted the satisfactory “largely compliant” rating, and one (British Virgin Islands) rated as “partially compliant.”
- The other three reports (Israel, Kuwait and Maldives) only cover the analysis of the legal and regulatory frameworks, with implementation aspects to be analyzed in the future.
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