The OECD published a new peer review report, Peer Review of the Automatic Exchange of Financial Account Information 2022. The report presents the first peer reviews with effectiveness ratings for the 99 countries and jurisdictions which had committed to starting Automatic Exchange of Information (AEOI) in 2017 or 2018. It shows that virtually all jurisdictions have put in place the necessary legal frameworks, successfully started exchanges and are exchanging information without significant timing or technical issues.
The report outlines that significant progress was achieved, with two-thirds of the jurisdictions actively conducting compliance activities to ensure financial institutions are reporting accurate information. These jurisdictions, which includes Ireland, are given “On Track” ratings.
15 jurisdictions are found to have put in place credible compliance frameworks. The need for further implementation actions led these jurisdictions to be rated as “Partially Compliant”.
19 jurisdictions have been found to have fundamental deficiencies in their frameworks. Exchanges usually take place each year, however, as these jurisdictions have not yet completed the development of their operational frameworks to verify financial institutions’ compliance, they were rated “Non-Compliant”.
For more information read the report.
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