Thanks for the response
On 29 October 2014, 51 jurisdictions (countries and dependent territories) signed a multilateral agreement to automatically exchange information on financial accounts based on the multilateral convention. As of 02 November 2017, 44 jurisdictions more joined the multilateral agreement, making 95 jurisdictions in total. This is the first ever agreement to exchange this type of information automatically. All previously signed agreements concerning exchange of information on tax matters assume that the information is exchanged on request, namely relating to a specific tax investigation, either criminal or civil. Signing the agreement on automatic information exchange is a huge step to address the issues of international tax avoidance and evasion.
The information will be exchanged between the jurisdictions that signed the agreement under a single global standard on an annual basis. 49 jurisdictions committed to start the information exchange by 2017, 53 jurisdictions more - by 2018. While singing the Convention itself means only commitment of a signing jurisdiction to provide administrative assistance to other signed jurisdictions in tax matters, the automatic exchange is going to be based on bilateral agreements and the EU framework. As of November 2017, out of 102 jurisdictions, 32 jurisdictions don't have bilateral agreements with other jurisdictions to either send or to receive the information, and 12 jurisdictions more don't have such agreements to send the information.