From 26 to 27 November 2019, the Global Forum on Transparency and Exchange of Information for Tax Purposes held its annual meeting in Paris, bringing together over 500 delegates from more than 140 jurisdictions, international organizations and regional groups to further strengthen the international community’s fight against tax evasion (Link-Blog).
The meeting marked the widespread rollout of automatic exchange of financial account information. Global Forum members took stock of the tremendous progress made in the implementation of the standard of automatic exchange of information (“AEOI”). Last year almost 90 jurisdictions automatically exchanged information on 47 million financial accounts worth approximately EUR 4.9 trillion. 2019 is the third year of exchanges under the AEOI Standard and 94 jurisdictions are now exchanging financial account information. The exchange networks have also been significantly expanded, providing the basis for around 6 100 automatic exchanges in 2019, an increase of 36% compared to the previous year.
The statement of outcomes can be read at the OECD’s website (Link).