The Principality of Monaco took part in the fifteenth plenary meeting of the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, held in Seville (Spain) from 9 to 11 November 2022.
The meeting brought together high-level international organisations and delegates from more than 100 member jurisdictions.
The Principality was represented by Ms Laura Greenwood-Repiquet, Mr Romain Bugnicourt and Mr Pierre-Jean Douvier from the Ministry of Finance and Economy.
The discussions focused primarily on the progress that has been made and the work that is still to be done on exchange on demand and automatic exchange of tax information and, notably, on the new tax transparency framework for cryptocurrencies and the changes to the Common Reporting Standard for the automatic exchange of information.
In his opening remarks, the OECD Secretary-General Mr Mathias Cormann said that “The Global Forum continues to shape the tax transparency landscape.” To coincide with the meeting, the OECD published its Peer Review of the Automatic Exchange of Financial Account Information 2022.
The report confirms that not only does Monaco have its legal framework “in place” and comply with the OECD requirements, it is also “on track” with regard to effectively implementing automatic exchange of information standards in practice.
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).
For more information about this event and the OECD report, see: https://www.oecd.org/tax/transparency/documents/2022-global-forum-plenary-meeting.htm