Presidential Decree on Automatic Exchange of Financial Account Information Published in Turkey
- Friday, February 14, 2020
Presidential Decree numbered 1965 was published on the Official Gazette dated 31.12.2019, which is related to the approval of the “Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information” signed in Paris on 21.04.2017 (hereinafter referred to as “Agreement”). The Agreement will enter into force following the completion of the domestic legal processes pursuant to Article 7 of the Agreement.
The Agreement envisages that the information will be automatically exchanged on annual basis. According to the Agreement, the notifications to be made by various “financial institutions”, including banks, custodial institutions, insurance companies and investment banks (including mutual funds), will include the following information:
On the other hand, two different dates have been determined as the starting time for the exchange of information. September 2018 is determined for new accounts and September 2018 or September 2019 are determined based on the date of determination that the existing account is in the scope of mandatory exchange of information. Accordingly, the relevant information will be subject to exchange within 9 months following the end of the relevant calendar year.