Peer Review: Colombia Phase 1 review
This report for Colombia has been published on 24 Apr 2014. You can buy this report, or browse it online below.
Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.

Determinations and Recommendations
Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
|
||
---|---|---|
Determination | Factors | Recommendations |
The element is in place. | ||
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
|
||
Determination | Factors | Recommendations |
The element is in place. | ||
Banking information should be available for all account-holders. (ToR A.3)
|
||
Determination | Factors | Recommendations |
The element is in place. | ||
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
|
||
Determination | Factors | Recommendations |
The element is in place. | Colombia’s attorney-client privilege standard is overbroad and could impede access to information. | Colombia should ensure that its attorney-client privilege standard is limited to communications between an attorney and client and to a lawyer acting in his/her legal capacity. |
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
|
||
Determination | Factors | Recommendations |
The element is in place. | ||
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
|
||
Determination | Factors | Recommendations |
The element is in place. | Of the 12 EOI agreements signed by Colombia, six are in force and of these five are to the standard. The ratification of EOI arrangements can take several years and is delayed on some occasions. | Colombia should ensure the ratification of all EOI arrangements signed with counterparts expeditiously. |
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
|
||
Determination | Factors | Recommendations |
The element is in place. | Colombia should continue to develop its EOI network with all relevant partners. | |
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
|
||
Determination | Factors | Recommendations |
The element is in place. | ||
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
|
||
Determination | Factors | Recommendations |
The element is in place. | There are some uncertainties as to whether the attorney-client privilege may unduly limit access to information acquired by attorneys. | Colombia should clarify the scope of the attorney-client privilege provision to ensure consistency with the standard. |
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
|
||
Determination | Factors | Recommendations |
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review. |