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News of theme "A Modern State"
14 December 2016 Press release

Convention on Mutual Administrative Assistance in Tax Matters instrument of ratification deposited with OECD

From left to right: Ms Josée Fecteau, Deputy Director of Legal Affairs, OECD; H.E Mr Serge Telle, Minister of State; Mr Nicola Bonucci, Director of Legal Affairs, OECD; Mr Jean Castellini, Minister of Finance and Economy

The Minister of State, accompanied by the Minister of Finance and Economy, today deposited with the Secretary-General of the Organisation for Economic Cooperation and Development (OECD) Mr Angel Gurría the instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters, signed by H.S.H. Prince Albert II of Monaco, at Château de la Muette, the OECD’s headquarters in Paris.

Currently, 107 jurisdictions participate in the Convention, including all of the G20 countries, all OECD member countries, the major financial centres and a growing number of developing countries. Among these 107 jurisdictions, the Convention has now entered into force in 91 countries, including Monaco. 

The Convention, which was signed on 13 October 2014, will take effect in Monaco three months after its ratification, particularly with respect to exchanging information on request, but also for spontaneous exchange of information.

The Principality of Monaco has committed to implementing automatic exchange of financial account information in order to enable exchanges to begin in 2018 for information gathered in 2017. 

Monaco is also one of the signatories to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, which clarifies the Convention and will take effect at the same time.

In addition, the “common reporting standard” calls on the tax authorities to collect from financial institutions information regarding the accounts of their non-resident clients in the Principality and send them automatically to the tax authorities in their country of residence, while respecting the rights of taxpayers by guaranteeing the confidentiality of the data shared.

All of these commitments undertaken by the Principality of Monaco are consistent with the desire expressed by H.S.H. Prince Albert II to increase fiscal transparency and the measures implemented since 2009.

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https://en.gouv.mc/Policy-Practice/A-Modern-State/News/Convention-on-Mutual-Administrative-Assistance-in-Tax-Matters-instrument-of-ratification-deposited-with-OECD