OECD - Automatic exchange of tax information declaration; similarities to FATCA 

May 6: The Organisation for Economic Co-operation and Development (OECD) today announced that a declaration for the automatic exchange of tax information was adopted by all 34 OECD member countries as well as a number of other countries.

According to today’s OECD release, bank secrecy for tax purposes will come to an end as countries and major financial centers commit to an automatic exchange of information between jurisdictions.

The new global standard draws extensively on earlier work of the OECD in the area of automatic exchange of information, and incorporates progress made within the European Union, as well as global anti-money laundering standards, with the intergovernmental implementation of the U.S. FATCA rules having acted as a catalyst for the move towards automatic exchange of information in a multilateral context.

With a new global standard on automatic exchange of information, countries will obtain all financial information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.

Commentary on the new standard and other measures to implement the information exchanges will be delivered in September 2014.

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