San Marino is not a country member of the Organisation for Economic Cooperation and Development (OECD), it is, however, a member of the Global Forum on transparency and exchange of information for tax purposes (Global Forum), founded within the context of the organisation in 2000, comprised of 122 Jurisdictions, including all countries members of the OECD, of the G20 and of the European Union.
The Global Forum has been established for the purpose of identifying forms of cooperation between states on tax issues, based on the exchange of information for the purpose of fighting against cross-border tax evasion and, more in general, harmful tax competition of tax heavens.
An important breakthrough in the mission and activities of the Global Forum was achieved following the meeting of the G20 in London, in April 2009, when the OECD was entrusted with the task of promoting a more widespread adoption by the countries of the standards related to the exchange of information and was asked to adopt the measures required to assess the effectiveness thereof. In September of the same year, during the Global Forum of Los Cabos, a Peer Review program was approved for the compliance with such standards. This program envisaged two assessment phases, one focused on the regulatory framework and the other on the effectiveness.
San Marino successfully passed both phases, the first in 2011 and the second in 2013. The evaluation reports on San Marino as approved by the Peer Review Group and by the Global Forum are disclosed below:
San Marino has been attending the works of the Global Forum since 2002, and from 2011 makes its examiners available to the Global Forum. The authority in the Republic of San Marino competent for the exchange of information is the Central Liaison Office (CLO).
As from 2009, San Marino has considerably strengthened its conventional network of agreements, based on OECD models that allow the exchange of information upon request according to the standard 2008. As of today, 49 information exchange agreements are in force (Tax Information Exchange Agreement TIEA and Double Tax Agreement DTA) with as many jurisdictions.
A further step forward in the international tax cooperation was made by San Marino on 29 October 2014, when in Berlin, during the works of the Global Forum, the Secretary of State for Finance and Budget, signed the multilateral agreement for the automatic exchange of financial information against international tax evasion. The commitment of San Marino together with that of other 51 Countries will allow, by 2017, the automatic exchange of financial information, between the jurisdictions that signed the convention. San Marino, therefore, is now a member of the group of the so called "early adopters", the countries that were amongst the first to give a strong impulse to the application of the new OECD standard (Common Reporting Standard) that, together with the FACTA agreements and the new model of the European Directive on taxation of savings income, makes of the automatic exchange of banking information the new pillar of the fight against tax evasion and harmful tax competition.
The Central Bank, in its role as supervisory authority of the financial sector, contributes, together with the other authorities of San Marino, to the production of laws and regulations necessary for the application in the Republic of San Marino of the standards on international transparency and cooperation on fiscal matters.