|Panama and Cook Islands Agree to AEOI by 2018|
Panama and the Cook Islands committed to automatic exchange of tax information (AEOI) at the Organization for Economic Cooperation and Development (OECD) Global Forum meeting.
The two jurisdictions will begin exchanging foreign residents' bank account information with 94 other OECD Forum countries from 2018.
They are the last of the major international financial centres to sign up to the OECD's drive to adopt its international tax cooperation standard.
According to the OECD, all major financial centres have now signed up to the standard, though Bahrain, Nauru and Vanuatu 'have not indicated a timeline' nor have they committed yet to AEOI.
The OECD also announced that its information exchange protocol will soon be amended to include a requirement to maintain and disclose information on beneficial ownership for all legal entities. This will be introduced in the new round of peer reviews to be conducted next year.
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Published on our website on Nov.05, 2015