OECD’s Global Forum on
transparency and exchange of information for tax purposes publishes Terms
of Reference (‘ToR’) for full AEOI reviews (which are to be conducted in
2020); The purpose of the ToR is to reflect the requirements necessary to effectively
implement the AEOI Standard, which will therefore provide the basis for the
AEOI Reviews; To provide an objective and structured basis against which the
effectiveness of each jurisdiction’s implementation of the AEOI Standard can be
tested, ToR identifies three Core Requirements, each with aspects relating to
legal implementation and effectiveness in practice; Core Requirement 1 requires
jurisdictions to ensure that all Reporting Financial Institutions apply due
diligence procedures which are in accordance with the CRS; Core Requirement 2
requires jurisdictions to exchange information with all Interested Appropriate
Partners in accordance with the AEOI Standard, in a timely manner; Lastly, Core
Requirement 3 requires jurisdictions to keep the information exchanged
confidential and properly safeguarded, and use it in accordance with the
exchange agreement under which it was exchanged.
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