The automatic exchange of information (AIA) allows the automatic exchange of a predefined set of information between the tax authorities. The AIA standard requires an annual exchange of information on financial accounts managed by non-resident individuals and businesses in a pre-defined format. The information exchanged includes financial account information (for example. B the financial institution that maintains it, the account number and account balance) and the account holder information (for example. B, name, address, date of birth and tax identification number). The implementation of the AIA standard requires legal systems to collect information from their financial institutions (including banks, hedge funds and investment trusts) and to exchange it automatically with jurisdictions in which the account holder is a tax resident (provided the court has the necessary framework to keep the information confidential and properly protected). The AIA standard therefore is based on three key elements: transparency groups have reacted in different ways, some of which are critical of the way developing countries have been viewed and involved.  The collection and provision of information can be so costly and difficult for developing countries that it is not possible to participate in the regime. Instead of offering a period of non-reciprocity during which developing countries could simply obtain financial data, the only mention of non-reciprocal agreements is the reception of tax havens.  The first regional initiative of the World Forum is the Africa initiative, which is therefore the most advanced. This included an important commitment at the ministerial level to ensure political participation and sustained momentum. This is reflected in Yaounde`s statement, which supports the fight against illegal financial flows from Africa. The ministers` commitment to the Latin American initiative shows the Punta del Este declaration on maximizing the effective use of information exchanged under international tax transparency standards to combat tax evasion, corruption and other financial crimes.
The Global Forum`s main mission is to monitor the implementation of international standards for transparency and exchange of information for tax purposes and to verify the effectiveness of their implementation in practice. To this end, the Global Forum implements peer-review processes for each of its members and non-members that are relevant to its work.