Global Forum on tax transparency reveals new compliance ratings

Aug 06, 2019

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) has published peer review reports assessing compliance with the international standard on transparency and exchange of information on request.

The Global Forum is the multilateral tax body tasked with ensuring that jurisdictions around the world adhere to and implement effectively both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information.

The peer review reports are part of the second round of Global Forum reviews, which assess jurisdictions against the updated standard, which requires beneficial ownership information of all relevant legal entities and arrangements in line with the definition used by the Financial Action Task Force Recommendations.

Costa Rica, Croatia, Lebanon, Malaysia, and the Federated States of Micronesia and Nauru received an overall rating of "Largely Compliant". Two others (Botswana and Vanuatu) were rated "Partially Compliant" and one (Guatemala) was rated "Non-Compliant".