OECD: Global Forum releases 2024 AEOI peer review report
Details the monitoring and peer review processes, methodologies, and jurisdiction-specific findings
The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) on November 26, 2024, published a report—“Peer Review of the Automatic Exchange of Financial Account Information 2024 Update”—detailing the latest assessments of jurisdictions implementing the automatic exchange of information (AEOI) standard. This initiative, developed by the OECD with G20 countries, aims to enhance tax compliance by automatically exchanging information on financial accounts held offshore.
The 2024 report includes assessments of 114 jurisdictions, with 95% having legal frameworks deemed “In Place” or “In Place But Needs Improvement.” However, six jurisdictions were rated “Not In Place,” indicating significant deficiencies.
The report also reviews the practical implementation of the AEOI standard across 104 jurisdictions, with 67 rated as “On Track.” The Global Forum has initiated a second round of peer reviews to ensure effective implementation, extending the review period to enhance the process.
As explained in a related OECD release, additional jurisdictions have committed to implementing the cryptoasset reporting framework (CARF) and amendments to the common reporting standard (CRS) on the automatic exchange of information (AEOI) for financial accounts.
- CARF implementation: 61 jurisdictions have committed to implement CARF, extending the automatic exchange of tax information to cryptoassets by 2027 or 2028. This includes most major cryptoasset centers identified by the Global Forum. In addition, 48 jurisdictions have already signed the Multilateral Competent Authority Agreement on CARF (CARF MCAA).
- Amendments to the CRS: Global Forum members have agreed to implement amendments to the CRS on AEOI for financial accounts, aiming to commence exchanges under the amended CRS by 2027, with appropriate transitional arrangements when needed. Notably, 51 jurisdictions have signed the addendum to the MCAA on AEOI (CRS MCAA).
Read a December 2024 report prepared by KPMG LLP