Senegal commits to start automatic exchange of financial account information by 2025

 

04/01/2024 - Senegal has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by September 2025. Hundred twenty-four of the 170 Global Forum members are now committed to start automatic exchanges by a specific date and the vast majority have commenced exchanges. This global reach is a key element to ensure the Standard’s effectiveness in combating tax avoidance and evasion.

“We welcome Senegal’s decision to join the other jurisdictions engaged in the automatic exchange of information, as this will advance the country’s fight against tax evasion and other illicit financial flows and might ultimately benefit its domestic resource mobilisation,” said Gaël Perraud, Chair of the Global Forum.

The Global Forum will monitor Senegal’s progress in delivering its commitment to start exchanging automatically by September 2025 and updates will be provided to the Global Forum members and the G20. The Global Forum Secretariat will assist Senegal in implementing the AEOI Standard and in addressing any challenges that may arise.

Background information:

• Status of commitments for the automatic exchange (AEOI)
  
  
• Update on the Implementation of the 2021 Strategy on Unleashing the Potential of Automatic Exchange of Information for Developing Countries
  
  
• Peer Review of the Automatic Exchange of Financial Account Information 2023 Update
  
  
• Tax Transparency in Africa 2023: Africa Initiative Progress Report

 

The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels. The delivery of the Global Forum’s capacity-building programme is only made possible thanks to the financial support and the trust of its generous donor partners.

The Global Forum capacity-building programme is supported by the following development partners:

For more information, please contact gftaxcooperation@oecd.org.