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Senegal Pledges To Initiate Automatic Sharing Of Financial Account Details By The Year 2025

IBX-Jakarta. Senegal has pledged to adopt the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by September 2025. Among the 170 Global Forum members, 124 have committed to commencing automatic exchanges by specific dates, with most already initiating these exchanges. This widespread participation is crucial in ensuring the effectiveness of the Standard in combating tax evasion and avoidance.

Gaël Perraud, Chair of the Global Forum, expressed appreciation for Senegal’s decision to join other jurisdictions in automatic information exchange, highlighting its potential to bolster the country’s efforts against tax evasion and illicit financial flows, ultimately aiding domestic resource mobilization.

The Global Forum will oversee Senegal’s progress in meeting its commitment to commence automatic exchanges by September 2025, providing updates to both Global Forum members and the G20. Furthermore, the Global Forum Secretariat will support Senegal in implementing the AEOI Standard and addressing any potential challenges.

As the primary multilateral body tasked with ensuring global jurisdictions comply with and effectively implement transparency and information exchange standards, the Global Forum conducts rigorous monitoring and peer reviews. Additionally, it conducts a comprehensive capacity-building initiative to assist members in adopting these standards and maximize the utilization of cross-border information sharing mechanisms. The success of the Global Forum’s capacity-building program is reliant on the financial support and confidence from its generous donor partners.

Source: https://www.oecd.org/tax/exchange-of-tax-information/senegal-commits-to-start-automatic-exchange-of-financial-account-information-by-2025.htm
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