Note: Single-source report; awaiting corroboration.
The OECD serves as a global standard setter and facilitator to address tax evasion and avoidance by enhancing transparency and information exchange between tax administrations. It has played a significant role in ending bank secrecy for tax purposes worldwide.
In 2022, member jurisdictions exchanged information on 123 million bank accounts representing a total of EUR 12 trillion in assets. This exchange relies on internationally agreed standards covering both exchange on request and automatic exchange of financial account data.
The exchange on request (EOIR) standard requires information relevant to taxation—such as the identity of legal and beneficial owners of assets, companies, and accounts—to be accessible to tax authorities. These authorities can share such information internationally under agreements.
The automatic exchange of information (AEOI) standard includes the Common Reporting Standard and the Crypto-Asset Reporting Framework. Under AEOI, jurisdictions annually collect and automatically share a predefined set of financial and crypto-asset transaction information, based on common due diligence and reporting rules, with the account holders' country of residence.
A broad coalition of 150 jurisdictions participates in the Convention on Mutual Administrative Assistance in Tax Matters. This group includes all G20, BRIICS, and OECD countries, major financial centers, and a growing number of developing countries. The Convention requires competent authorities to mutually agree on the scope and procedures for automatic information exchange.