Greenland takes key step in implementing automatic exchange of financial account information

Greenland Icebergs

21/12/2015 – On 17 December 2015 Greenland signed the Multilateral Competent Authority Agreement‎, re-confirming its commitment to implement automatic exchange of financial account information in time to exchange in 2017.

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. Greenland is the 78th 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 will be collected from 1 January 2016 in around 50 jurisdictions, for automatic exchange between authorities in 2017.