Multilateral Competent Authority Agreement (MCAA)

On 17 December 2015, China signed the Multilateral Competent Authority Agreement, confirming its commitment to implement automatic exchange of financial account information in time to exchange in 2018.

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.