The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) provides a multilateral response to tackle offshore tax evasion by promoting and assessing the implementation of international standards for exchange of information for tax purposes. It brings together 171 jurisdictions dedicated to improving transparency and cooperation for tax purposes. The Global Forum promotes and ensures the effective implementation of two complementary international standards: the exchange of information on request (EOIR) and the automatic exchange of financial account information (AEOI). In addition, the Global Forum has been tasked with ensuring the widespread implementation of the new Crypto-Asset Reporting Framework (CARF). These Standards provide for closer co-operation between tax authorities worldwide so that they can obtain information necessary to ensure tax compliance.

The OECD, working with G20 countries, developed the Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI Standard) in 2014. It provides for the annual exchange between tax authorities of a predefined set of information on financial accounts held by individuals and entities that are tax resident of one jurisdiction and that hold financial accounts in another jurisdiction. The Global Forum has been supporting, monitoring and reviewing the implementation of the AEOI Standard since its inception, including the necessary legal, technical and administrative frameworks to ensure the effective implementation of the Standard. The Global Forum has published detailed yearly reports on the implementation of the AEOI Standard by all participating jurisdictions since exchanges commenced in 2017 and, since 2020, has published the results of its peer reviews.

The peer review report published in 2022 contained the results of the reviews of the domestic and international legal frameworks put in place by the first 106 jurisdictions that implemented the AEOI Standard. It also included, for the first time, the results of the initial reviews in relation to the effectiveness of the implementation of the AEOI Standard in practice for the first 99 jurisdictions to implement it. Subsequent reports have included the peer review reports for the later jurisdictions to commit to implement the AEOI Standard. In this regard an update was produced in 2023 to supplement the 2022 report. This included new assessments for later jurisdictions to commit and reassessments where jurisdictions had made changes to their legal frameworks implementing the AEOI Standard. This report is the 2024 update. It includes similar updates to those contained in the 2023 update, as well as the results of the additional checks on the legal frameworks jurisdictions have in place to ensure that Reporting Financial Institutions implement the requirements effectively in practice.

This report demonstrates a high level of completeness in the legal frameworks in place, with 95% (108 out of 114) of jurisdictions assessed as having legal frameworks that are “In Place” or “In Place But Needs Improvement.” Furthermore, a majority of jurisdictions have received a rating of “On Track” in terms of their implementation in practice (67 out of 104). However, the Global Forum has noted that further efforts are required to ensure the effectiveness of the AEOI Standard, particularly ensuring its effective implementation by Reporting Financial Institutions. It is therefore conducting a second round of AEOI effectiveness reviews.