The Finance Ministry has introduced on 27th October 2014 that Israel may begin the implementation of the automatic exchange of financial account information by the end of 2018. For the automatic exchange of information, financial institutions will have to notice and file information regarding non-Israeli resident account holders, that contains balances, deposits and income received on bank accounts. The Multilateral Competent Authority Agreement has signed by 51 jurisdictions on 29th October 2014 that will activate automatic exchange of financial account information under article 6 of the Convention on Mutual Administrative Assistance in Tax Matters (1988).