Praia, May 28, 2026 (Lusa) - The Organisation for Economic Co-operation and Development (OECD) Global Forum announced that Cabo Verde has committed to starting the automatic exchange of financial account information for tax purposes by September 2027.

The Global Forum's chair, Gael Perraud, said in a statement that Lusa accessed on Thursday that the commitment would bolster domestic resource mobilisation and “facilitate the country's fight against tax evasion and other illicit financial flows.”

Cabo Verde's Directorate of State Revenues (the country's tax authority) said on Wednesday in a social media post that the commitment allowed the country to strengthen its alignment with international standards of tax transparency, international cooperation, and good financial governance.

The nation’s tax administration added that implementing the standard would contribute to the fight against international tax evasion and the country's credibility.

Cabo Verde has been a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes since 2018 and will begin implementing the Common Reporting Standard (CRS).

The OECD approved the CRS on 15 July 2014, following a request from the G20, which brings together some of the largest developed and emerging economies, the European Union, and the African Union.

The standard requires jurisdictions to collect account information from financial institutions and exchange it annually with other tax administrations.

According to the OECD, "130 of the 173 Global Forum members (75%) are committed to starting automatic exchange by a specific date, and close to 120 jurisdictions are already exchanging information".

"The Global Forum will accompany Cabo Verde’s progress in delivering its commitment," and the forum will present status updates to its members and the G20, it said.

LFO/LYT // ADB.

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