Monaco has updated its list of Common Reporting Standard ("CRS") reporting countries, as well as its list of countries considered as CRS partner jurisdictions.
Following publication of the Ministerial decree in December, 2017 three countries have been added to the list of reporting countries, being the countries with which Monaco Financial Institutions will start to exchange information concerning financial accounts:
These three countries were previously on the list of partner jurisdictions.
The first information exchange for these countries will take place in 2018, with respect to the 2017 year.
In addition seven countries have been added as partner jurisdictions:
The addition to this list will allow Monaco Reporting Financial Institutions ("RFIs") to rely on reporting to be undertaken by RFIs based in these partner jurisdictions.
For more information or queries on this subject please contact Peter Brigham in Monaco - email@example.com