In December 2015, Monaco, China and Greenland signed the OECD’s Multilateral Competent Authority Agreement on automatic exchange of information under the OECD/G20 standard, becoming the 76th, 77th and 78th jurisdictions respectively to sign. The OECD reports that many jurisdictions are now updating domestic legislation to ensure that financial institutions report information on financial assets held by non-residents. Financial information will be collected from 1 January 2016 in around 50 jurisdictions, for automatic exchange between authorities in 2017 to aid in global cooperation against tax evasion. Monaco and China have committed to exchange information from 2018, while Greenland has committed to exchange from 2017.
In December 2015, Monaco, China and Greenland signed the OECD’s Multilateral Competent Authority Agreement on automatic exchange of information under the OECD/G20 standard, becoming the 76th, 77th and 78th jurisdictions respectively to sign. The OECD reports that many jurisdictions are now updating domestic legislation to ensure that financial institutions report information on financial assets held by non-residents. Financial information will be collected from 1 January 2016 in around 50 jurisdictions, for automatic exchange between authorities in 2017 to aid in global cooperation against tax evasion. Monaco and China have committed to exchange information from 2018, while Greenland has committed to exchange from 2017.
