The OECD Secretary-General reports to the G20 on the progress of CARF implementation

The OECD update was released on 29 February 2024, in which the OECD Secretary-General presented a report to the G20 Finance Ministers and Central Bank Governors, highlighting the progress made so far by the OECD and G20 in implementing the two-pillar solution. The progress report on CARF is as follows:

According to the Global Forum 2023 report, steady progress was made in 2023 in peer review activities related to the Required Exchange of Information (EOIR) and Automatic Exchange of Financial Account Information (AEOI) standards. At the same time, the Forum is actively promoting the widespread implementation of the newly established Crypto-Asset Reporting Framework (CARF) standard.

Since February 2023, the Global Forum on Transparency and Exchange of Information for Tax Purposes (GFTEI) has significantly expanded its membership to six new members, bringing the total to 171 members, the vast majority of which are from developing country jurisdictions. This growth has been supported by strong capacity-building, outreach, and regional initiatives programs. At the same time, the Global Forum addressed the multifaceted challenges of achieving global implementation of the Required Exchange of Information (EOIR) and Automatic Exchange of Financial Account Information (AEOI) standards. This is accomplished through a thorough peer review and monitoring process. Recently, the Global Forum has worked on the implementation of the newly established Crypto-Asset Reporting Framework (CARF).

In line with the September 2023 G20 Leaders’ Declaration, the Global Forum will develop proposals to ensure the widespread implementation of CARF in parallel with the establishment of the CARF Group. The group is open to all interested Global Forum members, with 47 participating jurisdictions currently. The CARF Group has begun technical discussions on a variety of topics related to the widespread implementation of CARF. This includes a framework for identifying relevant jurisdictions and an appropriate and coordinated implementation timeline, with a significant number of jurisdictions expected to begin implementing the CARF framework in 2027.