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OECD Peer Review Report: Mauritania’s Compliance with International Standards on Transparency and Exchange of Information

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The Organisation for Economic Co-operation and Development (OECD) has conducted a peer review report to assess Mauritania’s compliance with international standards on transparency and exchange of information for tax purposes. This article summarizes the key findings and recommendations from the report.

Accounting and Record-Keeping

Mauritania needs to improve its record-keeping requirements, particularly for entities that are liquidated or cease to exist.

• Recommendations: Ensure that accounting records (including supporting documents) are kept for at least five years for such entities.
• Current Situation: Mauritania’s current record-keeping requirements do not adequately cover the needs of entities that are no longer active. This gap in the system can lead to a lack of transparency and make it difficult to obtain accurate information.

Banking Information and Beneficial Ownership

Mauritania has a legal framework in place, but there are shortcomings regarding the identification of beneficial owners of bank accounts.

• Recommendations: Ensure the availability of information relating to the beneficial owners of bank accounts, in accordance with international standards.
• Current Situation: While Mauritania’s laws and regulations require banks to identify their customers and verify their identities, they do not provide sufficient clarity on how to identify and report on the beneficial ownership of bank accounts.

Exchange of Information

Mauritania’s competent authorities have the power to obtain and provide information subject to a request under an exchange of information arrangement.

• Key Points:
  • The rights and safeguards that apply to persons in the requested jurisdiction are compatible with effective exchange of information.
  • Mauritania’s mechanisms for exchange of information respect the rights and safeguards of taxpayers and third parties.

Confidentiality and Safeguards

Mauritania’s mechanisms for exchange of information have adequate provisions to ensure the confidentiality of information received.

• Key Points:
  • The exchange of information mechanisms are designed to protect the confidentiality of taxpayer information.
  • Mauritania has in place measures to prevent the unauthorized disclosure or misuse of exchanged information.

Overall, the OECD peer review report highlights areas where Mauritania needs to improve its compliance with international standards on transparency and exchange of information.