Peer Review of the Automatic Exchange of Financial Account Information 2021
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The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework for tax transparency and information sharing, within which over 160 jurisdictions participate on an equal footing. The Global Forum monitors and peer reviews the implementation of the international standards of Exchange of Information on Request (EOIR) and Automatic Exchange of Information (AEOI).
AEOI provides for the automatic exchange of a predefined set of financial account information between tax authorities on an annual basis in order to assist them in ensuring the correct amount of tax is paid. To ensure the AEOI standard is fully effective, the Global Forum carries out a review of each jurisdiction’s domestic and international legal frameworks to ensure they are complete, and a review of the effectiveness of the implementation of the standard in practice.
This report presents the latest conclusions of the peer reviews of the legal frameworks put in place by each jurisdiction to implement the AEOI standard. The results relate to the 102 jurisdictions that committed to commence AEOI from 2017, 2018 or 2019. A summary is also provided of the Global Forum’s reviews of the effectiveness in practice of the implementation of the standard, the results of which are expected to be published in 2022.
Saint Vincent and the Grenadines
Saint Vincent and the Grenadines’ legal framework implementing the AEOI Standard is in place but needs improvement in order to be fully consistent with the requirements of the AEOI Terms of Reference. While Saint Vincent and the Grenadines’ international legal framework to exchange the information with all of Saint Vincent and the Grenadines Interested Appropriate Partners (CR2) is consistent with the requirements, its domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) has two main deficiencies significant to the proper functioning of elements of the AEOI Standard. These are, firstly, Saint Vincent and the Grenadines’ legislative framework provides for jurisdiction-specific Non-Reporting Financial Institutions that are not in accordance with the requirements and secondly, there is a deficiency in the enforcement framework in place.
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