Competent authority agreement

(1) The Government may enter into a bilateral or multilateral agreement with any other State that is not a participating jurisdiction under the MCAA for the purposes of automatic exchange of information under the Standard. (2) Where, pursuant to sub-section (1), the Government enters into an agreement to implement the provisions of the CRS, the provisions of this Part shall be applied in accordance with that agreement, notwithstanding anything to the contrary in the CRS. (3) Any agreement pursuant to sub-section (1) shall be in the form similar to the MCAA.