The Inland Revenue Authority of Singapore (IRAS) has announced that it has entered into a Competent Authority Agreement (CAA) with the UK on the automatic exchange of financial account information (AEOI) based on the Common Reporting Standard (CRS). Singapore has previously confirmed that it will commence AEOI under the CRS in 2018. Such exchanges will be carried out on a bilateral basis with jurisdictions with whom Singapore has signed a CAA. Singapore’s adoption of AEOI will be subject to the following conditions: there is a level playing field among all major financial centres to minimise regulatory arbitrage; Singapore will only engage in AEOI with jurisdictions that have a robust legal framework and can ensure the confidentiality of information exchanged and prevent its unauthorised use; and there is full reciprocity with AEOI partners in terms of information exchanged. Singapore and the United Kingdom will commence AEOI under the CRS by September 2018, so that each country will automatically exchange with the other financial account information of accounts held with financial institutions in the country by tax residents of the other country. For further information, please contact Paul Hale or Enrique Clemente in London, or Kher Sheng Lee in Singapore.