FAQ on International Tax Compliance

Monaco is engaged in the OECD Convention on Mutual Administrative Assistance in Tax Matters  the aim of which is to increase the exchange of tax information between countries, specifically on demand and automatically, in order to better combat tax evasion and tax fraud.

Following the vote on Tuesday 29 November 2016 at the Public Session on the Laws approving ratification by the National Council, the Minister of State, Mr. Serge Telle, accompanied by the Minister of Finance and Economy, Mr. Jean Castellini, deposited the instrument of ratification of the Convention on Mutual Administrative Assistance in Tax Matters, signed by H.S.H. Prince Albert II of Monaco, with the Secretary General of the Organisation for Economic Co-operation and Development (OECD), Mr. Angel Gurría, at the Château de la Muette, the OECD's headquarters in Paris on Wednesday 14 December 2016.

More than 120 jurisdictions participate in the Convention, including all the G20 countries, all the OECD countries, the leading financial centres and a growing number of developing countries. 

Out of these jurisdictions, the Convention has now entered into force in a hundred countries, including Monaco.

This Convention, which was signed on 13 October 2014 by the Minister of Foreign Affairs and Cooperation, Mr. José Badia, took effect in Monaco three months after its ratification.

As a reminder, the Principality of Monaco is committed to implementing the automatic exchange of information on financial accounts; exchanges will begin in 2018 of information collected in 2017.

Furthermore, Monaco is one of the signatories of the Multilateral Competent Authority Agreement for the Automatic Exchange of Financial Account Information (MCAA CRS) which clarifies the Convention and will take effect at the same time.

Additionally, the "common reporting standard" (CRS) provides that tax administrations collect from financial institutions information concerning the accounts of their clients who are non-resident in the Principality and transmit it automatically to the tax authorities of their State of residence, preserving the rights of taxpayers while guaranteeing the confidential treatment of their exchanged data.

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