In a significant step forward for global efforts to stamp out cross-border tax avoidance, Antigua and Barbuda has formally signed an amended international agreement that expands the scope of automatic cross-border financial account information sharing, the Organisation for Economic Co-operation and Development (OECD) confirmed in an official update released June 25.
The Caribbean nation added its signature to the addendum of the Multilateral Competent Authority Agreement on March 31, 2026, becoming one of the latest jurisdictions to back the strengthened transparency framework. Kuwait preceded Antigua and Barbuda, putting its name to the updated text just three days earlier on June 22, 2026.
This addendum overhauls the legal foundation of the OECD’s Common Reporting Standard (CRS), the landmark global system that requires participating nations to exchange detailed financial data automatically on an annual basis. First introduced to close gaps in global tax oversight, the CRS was updated in 2022 with revised rules that expand the types of financial information eligible for sharing, bringing the framework in line with rapid changes in global finance.
The revised guidelines are specifically designed to help national tax authorities more effectively detect and deter hidden offshore tax evasion, adapting to the emergence of new complex financial products and evolving investment structures that have previously created loopholes for non-compliance.
As of the OECD’s June 25 update, a total of 76 jurisdictions across the world have now signed the updated agreement, marking broad global buy-in for the strengthened transparency measures. Antigua and Barbuda’s signature aligns the country with a growing global coalition committed to rolling out the expanded reporting requirements.
For context, the CRS is a flagship international tax transparency initiative. Under the framework, financial institutions in participating countries are required to collect identifying and balance information on financial accounts held by foreign tax residents. This data is then shared automatically with the relevant tax authorities in the account holders’ home countries, operating within a set of agreed data protection safeguards to prevent misuse of sensitive financial information.