Andorra takes key step in reaffirming its commitment to implement Automatic Exchange of Financial Account Information

 

3/12/2015 - Andorra today signed the Multilateral Competent Authority Agreement, marking a crucial step forward in its commitment to implement automatic exchange of financial account information in time to exchange in 2018.

 

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. Andorra is the 75th  jurisdiction to sign the Agreement.

 

Andorra signed the Agreement  during a meeting of experts on automatic exchange of information convened by the Global Forum on Transparency and Exchange of Information for Tax Purposes in New Delhi, India.

 

Participants in the Global Forum meeting discussed progress toward implementation of the new global standard on automatic exchange of information, as well as how to ensure it is implemented effectively. 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.

 

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).

 

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