On May 9, 2016 the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes announced that Panama, Bahrain, Lebanon, Nauru and Vanuatu have committed to automatically share financial account information with other countries.

With these new commitments, 101 jurisdictions around the world have committed to implement such information sharing in accordance with the Common Reporting Standard, which was developed by the OECD and G20 countries and which was endorsed by the Global Forum in 2014.  According to the OECD and the Global forum, the latest commitments call for beginning such exchanges in September 2018.

It was also announced that Lebanon has also joined the Global Forum which now comprises 133 member jurisdictions. The EU fully participates in its work.

Click here to be forwarded to the “AEOI: STATUS OF COMMITMENTS” as available on the website of the OECD, which will open in a new window.

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