Day: 14 December 2016

The Minister of State, accompanied by the Minister of Finance and Economy, have presented to Mr Angel Gurría, Secretary General of the Organisation for Economic Co-operation and Development at La Muette, headquarters of the OECD in Paris, the instrument of ratification of the Convention on Mutual Administrative Assistance in Tax Matters, signed by HSH Prince Albert II of Monaco.

At present, 107 jurisdictions are participating in the Convention, including all G20 countries, all OECD countries, major financial centres and a growing number of developing countries. Of these 107 jurisdictions, the Convention has now entered into force in 91 countries, including Monaco.

The Convention, which was signed on October 13, 2014, will take effect in Monaco three months after its ratification, for the exchange of information on request and also for the spontaneous exchange of information.

As a reminder, the Principality of Monaco has undertaken to implement the automatic exchange of information on financial accounts to begin trading in 2018 on information collected in 2017.

On the other hand, Monaco is one of the signatories to the Multilateral Agreement between Competent Authorities on the automatic exchange of information on financial accounts, which clarifies the Convention and will take effect at the same time.

In addition, the “common reporting standard” provides that the tax administration collect from financial institutions information concerning the accounts of their non-resident customers in the Principality and automatically forward them to the tax authorities of their country of residence, while preserving the rights of the taxpayers by guaranteeing the confidential treatment of the data exchanged.

All these commitments made by the Principality of Monaco are in conformity with the wish expressed by Prince Albert to increase transparency in tax matters and all measures implemented since 2009.

HSH Prince Albert and Princess Charlene gave Christmas gifts to 600 young Monegasques at the Palace on Wednesday afternoon. This year the annual occasion was very special, with two year-old twins, Prince Jacques and Princess Gabriella, also assisting in the happy event.

The last few days have been particularly busy for the Prince and Princess. Prince Albert was in North America, where the high point of his visit was an address to the American Geophysical Union at its autumn meeting in San Francisco, during which he emphasised the importance of recognising the reality of climate change.

Meanwhile, Princess Charlene had a busy schedule in India at the weekend, where on the sidelines of a summit focussed on children’s rights, she took the time to visit rural families hit by the AIDS crisis.

READ ALSO: Monaco’s Princess joins global plea for children
READ ALSO: Prince Albert takes on climate sceptics 

The Ferretti Group has auctioned a unique Aquariva Super vessel at a charity event at Monaco Yacht Club. The proceeds will go to help the victims of the terrible earthquakes that hit central Italy earlier this year.

The Blue Wonderful colour of the boat was chosen by Sir Elton John, himself a Riva owner. The pop star said: “As a friend of Ferretti Group and Riva owner, I am happy to support the Group’s commitment in helping the populations of those regions… Our hearts go out to those who are still suffering and we are confident that the auction proceeds will contribute to comfort and help for those who need it most.”

Tuesday night’s charity auction was organised by Monaco Boat Service, the exclusive Riva dealer for Monaco and France. The event transformed YCM’s Riva Deck on the 5th floor into a winter wonderland, complete with tress, photos with Santa, crepes stands and animations for children, for what will surely be known as one of the best Christmas parties of the season.