Excerpt: “The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) is a multilateral framework for tax transparency and information sharing, within which over 170 jurisdictions participate on an equal footing. The Global Forum monitors and peer reviews the implementation of the international standards of Exchange of Information on Request (EOIR) and Automatic Exchange of Information (AEOI). The standard on AEOI of financial accounts provides for the automatic exchange of a predefined set of financial account information between tax authorities on an annual basis to assist them in ensuring the correct amount of tax is paid. To ensure it is fully effective, the Global Forum carries out a review of each jurisdiction’s domestic and international legal frameworks to ensure they are complete, as well as a review of the effectiveness of their implementation of the standard in practice.”
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