The OECD’s Global Forum is set to publish the terms of reference for peer reviews on automatic exchange of information pursuant to the OECD’s Common Reporting Standard (CRS) in the near future. The terms of reference for that peer review process in many ways will define how the system of Automatic Exchange of Information works in practice. If assessments are too lenient or if they only focus on the legal framework (but not on what happens in practice nor manages to identify avoidance schemes), automatic exchange of information is unlikely to be successful. TJN has put together a report setting out what the terms of reference should contain to ensure that an effective system of information exchange is implemented. Chief among these elements are specific statistics to ensure compliance, identify avoidance schemes and allow evaluation by independent and excluded parties (e.g. developing countries and civil society).
The report describes TJN’s proposed template for statistics and explains how they can be used to identify avoidance schemes and cases of non-compliance.