In a report published by the OECD during its recent convening in Seville, Monaco has been given full marks for its compliance with OECD standards and ongoing efforts to enhance its automatic exchange of information processes.
In early November, the Principality participated in the 15th plenary meeting of the Organisation for Economic Co-operation and Development (OECD) in Seville. Represented by Laura Greenwood-Repiquet, Romain Bugnicourt and Pierre-Jean Douvier from the Ministry of Finance and Economy, Monaco joined delegates from over 100 member jurisdictions to debate a broad spectrum of topics, but most prominently the “progress that has been made and the work that is still to be done on the demand and exchange of tax information”.
A core theme of the OECD is transparency, and much was discussed on the new tax transparency framework for cryptocurrencies and the changes to the Common Reporting Standard for the automatic exchange of information.
“The Global Forum continues to shape the tax transparency landscape,” said OECD Secretary-General Mathias Cormann in his opening remarks.
The meeting also saw the publication of the OECD’s Peer Review of the Automatic Exchange of Financial Account Information 2022. In the report, Monaco was given full marks for its compliance with OECD requirements, noting its competent legal framework and ongoing efforts with regards to “effectively implementing automatic exchange of information standards”.
In the days after the event, the Monegasque government released the following statement: “The Prince’s government is delighted with these excellent assessments, which demonstrate the Principality of Monaco’s deep commitment to complying with the international standards of the OECD and the European Union on tax transparency, including the exchange of information on demand, automatic exchange of information, and efforts to tackle base erosion and profit shifting (BEPS).”
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