Nations have long been aware of large amounts of undisclosed, untaxed money held in accounts outside their borders. Collecting revenue from these accounts has taken on a coordinated global effort under various intergovernmental agreements (IGAs) and laws comprising automatic exchange of information (AEOI) systems.

To achieve transparency and ultimately collect revenue, each participating jurisdiction gathers information from financial institutions located within its country. Information collected includes:

• interest;
• dividends;
• account balances; and
• income from certain insurance products and sales proceeds from financial assets earned by those with financial residency in another participating jurisdiction.

The collected information is then exchanged automatically with other participating jurisdictions on a yearly basis.