This means that each jurisdiction can negotiate and define its own accounts to declare in its agreement. [Citation required] The MCAA implements the OECD standard for the automatic exchange of financial information. It is based on Article 6 of the OECD Multilateral Convention on Mutual Tax Assistance (multilateral convention), which stipulates that two or more parties can agree on the automatic exchange of information. Even if the MCAA is signed on a multilateral basis, effective exchange of information will take place bilaterally. The MCAA requires the competent authorities of the participating jurisdictions to automatically collect and exchange tax information imposed by OECD IRS. Their goal is to combat tax evasion. The idea was based on the implementation agreements of the US Foreign Account Tax Compliance Act (FATCA), whose legal basis is the Convention on Mutual Tax Assistance. 97 countries have signed an implementation agreement and others intend to sign it at a later date. The first notifications took place in 2017, many of the others from 2018. As of July 2015[update], 53 countries had signed the automatic information exchange agreement;  As of July 2016[update], 83 jurisdictions had signed the agreement.
 Chapter III of the Convention authorizes the exchange of information for tax purposes, including the automatic exchange of information, and allows the relevant legal authorities to agree on the scope and modalities of such an automatic exchange. OECD initiatives have made it clear that the international community will not tolerate harmful tax practices in tax havens that deplete countries` tax bases. This is done naturally when the people of this country invest in tax havens. The hope is that the implementation of the MCAA and the various sanctions and sanctions will lead to the decline of many circumvention measures in practice. On 4 June 2015, 61 countries signed the MCAA, with a number of others committed to the agreement to ensure that the majority of the international community strongly supports the OECD in the fight against tax evasion. Since October 2014[update], 51 countries have signed the Multilateral Competent Authority Agreement (MCAA) to automatically exchange information on the basis of Article 6 of the Convention on Mutual Tax Assistance.  The competent judicial authorities intend to conclude an agreement to improve international tax compliance on the basis of the automatic exchange provided by the Convention, without prejudice to national legislative procedures (if any), in accordance with EU law (if any) and subject to confidentiality and other guarantees provided by the convention, including provisions limiting the use of the information exchanged therein. The CRS MCAA provides details of the information that will be exchanged and when.