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OECD Publishes Exchange of Information Compliance Ratings for Seven Jurisdictions Under Enhanced Peer Review Process

The OECD has announced that the Global Forum on Transparency and Exchange of Information for Tax Purposes has published the enhanced exchange of information peer reviews for Guernsey, Indonesia, Japan, Kazakhstan, the Philippines, San Marino, and the United States. The enhanced peer review process concerns the exchange of information upon request, with a focus on beneficial ownership information exchange.

Two jurisdictions, Guernsey and San Marino, were rated as compliant; four jurisdictions, Indonesia, Japan, the Philippines, and the United States, were rated as Largely Compliant; and Kazakhstan was rated Partially Compliant. The jurisdictions have demonstrated their progress on many deficiencies identified in the first round of reviews. Main challenges in this second round are associated with ensuring the availability of beneficial ownership information, an element of the standard that was strengthened in 2016.

The announcement also notes that Bosnia and Herzegovina, Cabo Verde, and Swaziland have joined the Global Forum on Transparency and Exchange of Information for Tax Purposes, bringing the total number of members to 153. As members of the Forum, these three countries will now be subject to monitoring and a peer review process to ensure the implementation of and compliance with the international standards for information exchange.

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