Government of the Principality of Monaco

11/29/2024 | News release | Archived content

Monegasque delegation in Asunción (Paraguay) for 17th plenary meeting of OECD Global Forum

Romain Bugnicourt, Head of Division, Ministry of Finance and Economy, signing the declaration submitting the Addendum to the MCAA. © DR

A Monegasque delegation took part in the 17th plenary meeting of the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes from 25 to 29 November. This international event brought together representatives from more than 110 jurisdictions and 13 international organisations to discuss progress and challenges in fiscal cooperation and transparency.

At the meeting, the OECD presented the major achievements of 2024, and offered an update on the current assessments focused on effective implementation of international standards on automatic exchange of information (AEOI) for tax purposes. In 2022, the OECD acknowledged that Monaco had a legal framework "in place" and that it is "on track" in terms of implementing the standard (https://en.gouv.mc/Portail-du-Gouvernement/A-la-Une-du-Portail/Principality-of-Monaco-takes-part-in-15th-plenary-meeting-of-OECD-Global-Forum ). The Principality hosted assessors from the OECD in July to continue reviewing the effectiveness of Monaco's operational framework for AEOI. The Prince's Government is now awaiting the conclusions, which will be released by the OECD Global Forum at a later date.

Discussions at the plenary meeting also focused on future Global Forum assessments, designed to ensure the effective implementation of standards on exchanging information on request (EOIR) and on confidentiality and data safeguards. Monaco has been assessed as "compliant" with the international EOIR standards since 2018, and continues to provide relevant responses to its partners by the specified deadlines.

Finally, Monaco took the opportunity to submit the addendum to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA), thereby strengthening its cooperation with partners. This is a further step towards aligning the Monegasque framework with developments in international standards.

For more information about the meeting and OECD reports, visit the official OECD website: https://web-archive.oecd.org/tax/transparency/documents/2024-global-forum-plenary-meeting.htm