The OECD’s “Global Forum on transparency and information exchange for tax purposes” has a three year mandate to ensure the implementation of tax transparency standards by conducting “peer reviews” of its member countries and of other jurisdictions where a review is considered to be required. It is supported administratively by a secretariat within the OECD’s Centre for Tax Policy and Administration.

The mandate given to the Global Forum includes a requirement to conduct a two-phase peer review of countries to assess the extent to which they are implementing tax transparency standards. Phase one looks at the legal and regulatory framework relating to tax transparency in each jurisdiction. Phase two of the peer review considers the implementation of the transparency standards in practice, looking at the essential elements of transparency and exchange of information for tax purposes taking into account the availability of information, access to information and exchange of information. The work of the Global Forum also involves monitoring the legal instruments allowing the exchange of information. The process of the peer reviews is being supervised by a Peer Review Group consisting of 30 Global Forum members.

The Global Forum reported on 11 April 2013 that it has completed Phase 1 reviews of almost all its members, looking at whether they have the necessary legislation in place to exchange information on tax matters. The Phase 2 reviews in respect of the practical implementation of the laws have already begun and these have been completed for around 30 countries, with more than 50 more to be completed before the end of 2013. The Phase 2 reviews will give a rating to each jurisdiction based on the elements of the international standard on exchange of information, giving a rating as to whether they are compliant, largely compliant, partially compliant or non-compliant.