Bermuda and Guernsey have signed a competent authority agreement for the automatic exchange of financial account information based on the OECD Common Reporting Standard (CRS). The agreement was signed by Bermuda on 19 February 2019 and by Guernsey on 26 March 2019. Under the agreement, Bermuda will automatically exchange information on reportable accounts of Guernsey tax residents held in Bermuda. The automatic exchange applies with respect to the 2018 and all subsequent years.