The Global Forum on Transparency and Exchange of Information for Tax Purposes released ratings for several states, including Monaco, on April 4.
This publication is part of the new Organisation for Economic Co-operation and Development (OECD) Peer Review process to assess the compliance of jurisdictions with the international standard for information exchange on request, including the new rules put in place in 2016.
Evaluating Monaco, the OECD Peer Group evaluators gave the Principality a global score of “Compliant” at the meeting held in Paris from February 26 to March 1, 2018.
This evaluation follows a multi-year process in which the Global Forum evaluated the legal and regulatory framework for information exchange (Phase 1) and the practices and procedures in place for this purpose (Phase 2).
Monaco’s Phase 1 and Phase 2 ratings were approved in June 2013, and Monaco was rated “substantially in line” with international standards for fiscal transparency. The ‘Compliant’ rating improves the rating obtained in 2013.
“Compliant” is the highest possible score and is a new acknowledgment of Monaco’s commitment to implement and update its texts and practice in line with the evolution of international standards in fiscal transparency in line with the decision taken by HSH the Sovereign Prince since 2009.