According to an OECD update dated 9 May 2016, Panama, Bahrain, Lebanon, Nauru and Vanuatu have committed to the automatic exchange of financial account information by 2018. Each country must now sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information and complete the required ratification procedures before the exchange can begin. To date, over 100 countries have committed to the automatic exchange, and 80 have signed the multilateral agreement.