The Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information

The Cook Islands signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (“MCAA”) in October 2015. The MCAA sets out the common reporting standard (“CRS”) to be followed by participating jurisdictions in regards to the AEOI. The signing of the MCAA is a commitment by the Cook Islands to include the CRS in its local laws and to commence the AEOI by 2018.