On 6 September 2016, the Bahamas government issued a release announcing that implementing the OECD's Common Reporting Standard (CRS) for the automatic exchange of financial account information is the priority initiative for its global regulatory tax compliance regime. For the implementation, the Bahamas will enter into separate bilateral agreements with each jurisdiction with which it will automatically exchange information. The Bahamas is committed to begin the automatic exchange of financial account information in 2018.