Summary:
A Monaco delegation participated in a global forum on transparency and tax cooperation, where the OECD presented progress made in the implementation of international standards for tax information exchange.
Full Story:
A delegation from Monaco recently participated in the 17th plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes in Asuncion, Paraguay. The event brought together representatives from over 110 jurisdictions and 13 international organizations to discuss progress and challenges in transparency and tax cooperation. The OECD presented the major developments of 2024 and provided updates on ongoing assessments of the effective implementation of international standards for automatic exchange of information (AEOI) in tax matters. In 2022, the OECD recognized Monaco’s legal framework and implementation of AEOI as being in line with the standards. Monaco underwent an evaluation of its operational framework for AEOI earlier this year, and the government awaits the conclusions from the OECD. Discussions at the plenary meeting also focused on future evaluations concerning the effective implementation of the standards for exchange of information upon request and data security and confidentiality. Monaco has been considered compliant with international standards for exchange of information upon request since 2018 and continues to provide timely and relevant responses to its partners. Additionally, at the meeting, Monaco deposited an addendum to the multilateral competent authority agreement on automatic exchange of financial account information, strengthening its cooperation with partners and aligning its framework with international standards. For more information on the event and the OECD reports, visit the official OECD website.
Source:
Gouvernement Monaco
