From 9 to 11 November 2022, the Principality of Monaco participated in the 15th plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes of the Organisation for Economic Co-operation and Development (OECD) which was held in Seville (Spain). It brought together high-level international organizations and delegates from more than 100 member jurisdictions. The Principality was represented by Mrs. Laura GREENWOOD-REPIQUET, Mr. Romain BUGNICOURT and Mr. Pierre-Jean DOUVIER from the Department of Finance and Economy.
Discussions focused on progress made and future work on exchange on demand and automatic exchange of tax information and, in particular, on the new tax transparency framework for cryptoassets and the amendments to the Common Reporting Standard (CRS) for automatic exchange of information. In his introductory remarks, OECD Secretary-General Mathias CORMANN stated that "The Global Forum continues to shape the international landscape of tax transparency."
It was on this occasion that the OECD published its 2022 peer review report on the automatic exchange of information (AIE). This report confirmed that Monaco not only has its legal framework "in place" and compliant with the OECD requirements but is also "in line" regarding the effectiveness of the implementation of the AIE standards in practice. The Government of Monaco is pleased with these excellent ratings which attest to the Principality of Monaco's deep commitment to the international standards of the OECD and the European Union in terms of tax transparency, whether it be exchange of information on request, automatic exchange of information (AIE) and BEPS (plan to combat tax base erosion and profit shifting).
For more information on this event and the OECD report: https://www.oecd.org/tax/transparency/documents/2022-global-forum-plenary-meeting.htm
