OECD releases compliance data on AEOI

On 7 June 2019, the Organisation for Economic Co-operation and Development (“OECD”) issued data to illustrate that international efforts to improve transparency via automatic exchange of information on financial accounts are improving tax compliance and delivering concrete results for governments worldwide (Link).

The OECD states that more than 90 jurisdictions participating in a global transparency initiative under the OECD’s Common Reporting Standard (“CRS”) since 2018 have now exchanged information on 47 million offshore accounts, with a total value of around EUR 4.9 trillion. The Automatic Exchange of Information (AEOI) initiative – activated through 4,500 bilateral relationships – marks the largest exchange of tax information in history, as well as the culmination of more than two decades of international efforts to counter tax evasion.

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