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Automatic Exchange of Information (AEOI) - detecting and deterring tax evasion

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Barclays New York

New international agreements involving a large number of countries have been coming into force recently in order to assist tax authorities to deter and detect tax evasion especially relating to assets held in countries where the owner is not resident for tax purposes.

These international agreements, when implemented, create a legal obligation requiring all financial institutions, including Barclays, to:

  • obtain extra information from customers;
  • identify a possible connection, for tax purposes, with another  country / other countries;
  • establish the tax residence of all account holders; and
  • report the financial account information for identified customers to the relevant tax authorities. 
Parsys 2
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