The OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes announced that Bahrain, Lebanon, Nauru, Panama and Vanuatu have now committed to share financial account information automatically with other countries.

With these new commitments, 101 jurisdictions around the world have committed to implement information sharing in accordance with the Common Reporting Standard developed by the OECD and G20 countries and endorsed by the Global Forum in 2014. The latest commitments call for beginning such exchanges in September 2018.

The Global Forum is monitoring the implementation of tax transparency standards to ensure the effective and timely delivery of the commitments made, the confidentiality of information exchanged and to identify areas where support is needed. It is also assisting its developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.