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Date: 07 Aug, 2014

The Organisation for Economic Co-operation and Development (OECD) recently released the full version of its new global standard for the exchange of information between jurisdictions.

This new Standard for Automatic Exchange of Financial Account Information in Tax Matters, which was developed at the OECD under a mandate from the G20, requests governments to obtain detailed financial account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.

The Standard seeks to encourage greater transparency among countries and “help governments fight tax fraud and tax evasion.” OECD Secretary-General Angel Gurria said at the launch of the Standard, “Today’s launch moves us closer to a world in which tax cheats have nowhere left to hide… Our message will be clear and simple: the automatic exchange of information standard is ready for implementation.”

Several countries and jurisdictions have already committed to implementing the Standard with more jurisdictions being expected to commit to implementation closer to the late-October meeting of the Global Forum Transparency and Exchange of Information for Tax Purposes, to be held in Berlin, Germany, where more than 120 countries are expected to be represented.