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Malaysia confirms its commitment to implement Automatic Exchange of Financial Account Information
- 02 February 2016
- OECD
Important:
This article is based on tax law for the tax year ending 28 February 2016.
Author: OECD
Malaysia today signed the Multilateral Competent Authority Agreement, re-confirming its commitment to implement automatic exchange of financial account information in time to commence exchanges in 2018.
The Multilateral Competent Authority Agreement lays the foundation for the international operational framework for automatic exchange, seen as the pre-eminent instrument for facilitating its rapid implementation. Malaysia is the 79th jurisdiction to sign the Agreement.
Many jurisdictions are now updating domestic legislation to ensure that financial institutions report information on financial assets held by non-residents. Financial information is already being collected in many jurisdictions for automatic exchange between authorities in 2017.
The Global Forum has established a real-time monitoring process to track delivery of commitments made and to identify areas where support is needed. It has also begun assessing confidentiality standards and data safeguards in all committed jurisdictions and is working to ensure automatic exchange of information is being implemented effectively around the world.
This article first appeared on oecd.org.