1. Monitoring the implementation of the AEOI Standard

The OECD, working with G20 countries, developed the AEOI Standard in 2014. The G20 then asked the Global Forum to monitor the implementation of the AEOI Standard worldwide. As a first step, the Global Forum initiated a commitment process to ensure the widespread application of the AEOI Standard, based on a level playing field.

The Global Forum was quick to recognise the potential benefits of the rapid and widespread implementation of the AEOI Standard, to complement its existing standard of exchange of information on request (EOIR), to provide tax administrations with a powerful set of tools to ensure tax compliance. The Global Forum therefore immediately instigated a process to provide for the commitment of all of its members, except for developing countries that did not host a financial centre, to implement the AEOI Standard to specific timelines. Jurisdictions were asked to:

  • implement the AEOI Standard;

  • exchange information with all Interested Appropriate Partners (which are all jurisdictions interested in receiving information from a jurisdiction and that meet the expected standards in relation to confidentiality and data safeguards); and

  • commence exchanges in 2017 or 2018.

Forty-nine “early adopter” jurisdictions quickly committed to commence the exchange information under the AEOI Standard in 2017, and a further 51 jurisdictions committed to commence exchanged in 2018. Another 21 jurisdictions have since committed to implement the AEOI Standard, with commencement dates ranging between 2019 and 2024. This includes four jurisdictions identified through the Global Forum’s “jurisdiction of relevance” process, established to maintain a level playing field and which subsequently voluntarily committed to implement the AEOI Standard. It also includes 17 developing countries not asked to commit to the AEOI Standard to a specific timeline, but that want to access the benefits the AEOI Standard has to offer.

Further details on the individual commitments made are contained in Tables 1.1 and 1.2.

Once the commitments are made, the Global Forum monitors the timeliness of the delivery of each aspect of the implementation process. The key milestones relate to:

  • putting in place a domestic legislative framework requiring Financial Institutions to collect and report the information for exchange in accordance with the due diligence and reporting rules contained in the AEOI Standard;

  • putting in place an international legal framework that permits the automatic exchange of information with a jurisdiction’s exchange partners. This consists of an underlying legal basis for the exchange and an administrative agreement containing the detailed specificities. In the overwhelming majority of cases this consists of the multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention), along with the Multilateral Competent Authority Agreement implementing the international framework for the AEOI Standard (or MCAA)1; and

  • establishing a technical infrastructure to receive the information from Financial Institutions and to process and transmit it to exchange partners. With respect to the transmissions, all jurisdictions use the Common Transmission System (CTS), developed and procured by the OECD and managed by the Global Forum.

Table 1.1 presents details of the numbers of partners to which information was successfully sent since 2018. It also includes instances where the necessary legal frameworks were in place containing an obligation on Reporting Financial Institutions to report information with respect to particular exchange partners, but where no relevant Reportable Accounts were identified (i.e. essentially a nil return).

The widespread delivery of the exchanges shows that the overwhelming majority of jurisdictions implemented the necessary legal and technical frameworks, in accordance with their commitments.

98% of the jurisdictions have delivered on their commitment to exchange information under the AEOI Standard.  

As set out above, the overwhelming majority of the jurisdictions that have committed to commence exchanges under that AEOI Standard have done so. This is a huge success. There still remains one jurisdiction – Trinidad and Tobago – that has not yet delivered as committed as it is still delayed in putting in place the required legal frameworks. A fully effective AEOI Standard requires a level playing field and the Global Forum therefore continues to work closely with Trinidad and Tobago to facilitate the delivery of its commitment.

A further 10 jurisdictions are committed to starting exchanges in the coming years. These are set out in Table 1.2 below.

While the timeliness of implementation is critical, the potential benefits of the AEOI Standard will only be fully delivered if the requirements are implemented in a complete and effective manner.

To ensure this, Global Forum conducts peer reviews with respect to the quality of the implementation of all aspects of the AEOI Standard. Chapter 2 contains further details in this regard.


← 1. Details on each of the agreements in place can be found in Annex B

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