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.
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