From November 25 to 29, a Monegasque delegation participated in the 17th Plenary Meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, held in Asuncion, Paraguay…
This high-profile event brought together representatives from over 110 jurisdictions and 13 international organizations to discuss progress and challenges in fostering global tax cooperation.
The OECD outlined key developments in 2024, including ongoing evaluations of the implementation of international standards for Automatic Exchange of Information (AEOI). Monaco, recognized in 2022 as having a legal framework “in place” and implementation “in line” with these standards, hosted OECD evaluators in July to further assess the effectiveness of its operational framework. The Principality now awaits the forthcoming conclusions from the OECD Global Forum.
Discussions at the forum also focused on upcoming evaluations to ensure compliance with standards for Exchange of Information on Request (EOIR) and the safeguarding of data security and confidentiality. Monaco, rated as “compliant” with EOIR standards since 2018, continues to meet international obligations, providing timely and relevant responses to partner jurisdictions.
In a significant move, Monaco submitted an addendum to the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (AMAC NCD), underscoring its commitment to enhancing cooperation with global partners and aligning with evolving international standards.
This participation highlights Monaco’s ongoing dedication to transparency, international cooperation, and the implementation of robust tax information exchange systems. The Principality’s efforts remain central to its alignment with OECD standards and its broader role in global tax governance.
Image: DR
