Cape Verde to Start Global Tax Information Exchange by 2027
Cape Verde has officially committed to launching the automatic exchange of financial account information by September 2027, a significant step in the nation’s effort to combat tax evasion and illicit financial flows.
The announcement, made by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, marks the country’s adoption of the Common Reporting Standard (CRS). This international benchmark requires jurisdictions to collect detailed account information from financial institutions and share it annually with foreign tax authorities.
Strengthening Financial Integrity
Gaël Perraud, chair of the Global Forum, emphasized that this move will bolster Cape Verde’s ability to mobilize domestic resources and tackle tax fraud. “This commitment will facilitate the country\’s fight against tax evasion and other illicit financial flows,” Perraud stated.
Cape Verde’s National Directorate of State Revenues echoed these sentiments, noting that the agreement aligns the Atlantic archipelago with global standards of tax transparency and international cooperation. The tax administration highlighted that the new standards are crucial for enhancing the “credibility of the country” on the global stage.
A Global Movement Toward Transparency
Cape Verde has been a member of the Global Forum since 2018, but the implementation of the CRS represents a proactive escalation in its regulatory framework. Developed by the OECD at the request of the G20 in 2014, the CRS has become the primary tool for ending bank secrecy for tax purposes.
To date, 130 of the 173 members of the Global Forum—approximately 75%—have pledged to start automatic exchanges by specific dates. Nearly 120 jurisdictions are already actively sharing data.
The Global Forum has confirmed it will monitor Cape Verde’s progress toward the 2027 deadline, providing regular status updates to its member nations and the G20 to ensure the commitment is met.
Image: Pexels – Jakub Zerdzicki
