Greenland takes key step in implementing automatic exchange of financial account information
21/12/2015 – On 17 December 2015 Greenland signed the Multilateral Competent Authority Agreement, re-confirming its commitment to implement automatic exchange of financial account information in time to exchange in 2017.
The Multilateral Competent Authority Agreement lays the foundation for the international operational framework for automatic exchange, seen as the pre-eminent instrument for facilitating its rapid implementation. Greenland is the 78th jurisdiction to sign the Agreement.
Many jurisdictions are now updating domestic legislation to ensure that financial institutions report information on financial assets held by non-residents. Financial information will be collected from 1 January 2016 in around 50 jurisdictions, for automatic exchange between authorities in 2017.
The Global Forum has established a real-time monitoring process to track delivery of commitments made and to identify areas where support is needed. It has also begun assessing confidentiality standards and data safeguards in all committed jurisdictions and is working to ensure AEOI is being implemented effectively around the world.
Greenland is a jurisdiction of the realm of Denmark but is nonetheless able to sign the Multilateral Competent Authority Agreement in its own right. The list of jurisdictions that have signed Multilateral Competent Authority Agreement is available here: http://www.oecd.org/tax/exchange-of-tax-information/MCAA-Signatories.pdf
For further information, journalists should contact Monica Bhatia, Head of the Global Forum Secretariat (+33 1 6 10 14 04 22).