On 6 April 2020 the OECD’s Global Forum on Transparency and Exchange of Information released eight new peer review reports containing assessments of how far the jurisdictions have complied with the international standard on transparency and exchange of information on request (EOIR).

The second round of peer reviews for Brunei Darussalam, Macau (China) and Switzerland were given an overall rating of “Largely Compliant”. This means that they have largely implemented the standard but there are still improvements that can be made. Although there are some material deficiencies they are only having a limited impact on EOIR.

The overall rating given to Barbados and the Seychelles was downgraded from “Largely Compliant” to “Partially Compliant” since their last reviews, This means that the standard has been only partly implemented by these countries and there is at least one material deficiency that could have a significant effect on EOIR in practice.

The reports on Liberia, Peru and Tunisia relate to their first full peer reviews. Liberia was found to be “Partially Compliant” and Peru and Tunisia were given a rating of “Largely Compliant”.

The Global Forum is responsible for ensuring that jurisdictions adhere to and effectively implement the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. To achieve this objective the Global Forum carries out a monitoring and peer review process. There is also a technical assistance programme to support efforts by members of the Global Forum to implement the standards and to support tax authorities in efficient use of cross-border information sharing channels.