Global Forum publishes Terms of reference for AEOI reviews, outlines 3 core requirements

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.