The European Commission adopted a decision on 17 July 2025 to authorise signing a protocol with Andorra for automatic exchange of financial account information under the OECD’s common reporting standard.
The European Commission (EC) adopted Proposed Council Implementing Decision No. COM (2025) 407 on 17 July 2025, authorising the signing of a protocol to the 2016 agreement with Andorra on the automatic exchange of financial account information (AEOI) under the OECD’s common reporting standard (CRS).
The key measures involve updating the Common Reporting Standard (CRS) to align with the EU Council Directive 2023/2226 (DAC8) by 1 January 2026. This includes expanding CRS coverage to encompass electronic money products and central bank digital currencies, as well as revising data protection references to replace Directive 95/46/EC.
The AEOI aims to improve tax transparency and prevent cross-border tax evasion. This global standard facilitates the exchange of financial account information between countries and territories that have agreed to participate in the AEOI framework.
