At the Global Forum plenary meeting in Punta del Este, Uruguay, in November 2018, progress in AEOI implementation was reported. In 2018, a total of 4,500 bilateral exchanges were made under the new AEOI standard by 86 jurisdictions.
In order to ensure the effective implementation of the AEIO standard, the first comprehensive peer reviews are set to begin in 2020. The members of the Global Forum have developed detailed terms of reference for these reviews. As part of the staged approach, the Global Forum conducts preliminary assessments, the results of which may lead to recommendations or action plans.
The preliminary assessments consist of four elements:
- The Global Forum assesses whether the jurisdictions meet the confidentiality and data security regulations. A panel of experts from the member states, which includes an expert from Switzerland, carries out the preliminary assessments. The assessments may lead to action plans. Data is exchanged on a non-reciprocal basis for as long as an action plan has not been implemented.
- The Global Forum examines whether the states and territories have correctly implemented the AEOI standard into their national law. The assessment also focuses on the lists of exempt accounts and non-reporting financial institutions. The Global Forum has reviewed the Swiss AEIO legal bases and adopted recommendations. On 27 February 2019, the Federal Council initiated a consultation on the revision of the Federal Act and the Ordinance on the AEOI. The aim is to implement the recommendations of the Global Forum. The consultation process will last until 12 June 2019 and the bill is due to be discussed by Parliament in spring 2020.
- The Global Forum set up a monitoring system in order to ensure that signatory states and territories have an appropriate AEOI network. With this in mind, the Federal Council initiated the consultation on the introduction of the AEOI with 18 other states and territories from 7 December 2018 to 20 March 2019 and plans to submit the dispatch to Parliament in spring. The entry into force of the AEOI with these new partner states is planned for 1 January 2020, with the first exchange of data to take place in 2021.
- The provision of the necessary administrative and information technology for the AEOI to function correctly is being assessed.