On 21 August 2017 the Global Forum on Transparency and Exchange of Information for Tax Purposes published the first ten results of the enhanced peer review process to assess compliance with international standards for the exchange of information on request between tax authorities.

The Global Forum has more than 140 member countries. The Forum is aiming to improve global tax transparency, curtail banking secrecy and reduce opportunities for tax evasion. A set of international tax transparency standards has been developed and the Forum is monitoring their implementation by its members.

The latest round of peer reviews was launched in 2016. Previously the Global Forum assessed the legal and regulatory framework for information exchange in Phase 1 of the peer reviews and looked at the actual practices and procedures during phase 2.

The latest peer review process combines the Phase 1 and Phase 2 elements into a single review and puts the focus on assessing the availability of and access by tax authorities to beneficial ownership information of all legal entities and arrangements within a jurisdiction. The Global Forum is using the Financial Action Task Force international standard as a reference for this review.

Of the ten jurisdictions reviewed India, Mauritius and Norway were given a “compliant” rating; Australia, Bermuda, Canada, Cayman Islands, Germany and Qatar were given a “largely compliant” rating and Jamaica was rated “partially compliant”. In the latter case the Global Forum has launched a supplementary report on follow-up measures that will enable Jamaica to reach a higher level of compliance with the standard.