Tiphaine Duplantier
On October 3rd, 2024, IRS published a list of entities and branches qualifying as Qualified Intermediaries (QI) Click here to download the list: List of QIs for the 1st quarter of 2024 This list does not include Withholding Partnerships (WP) or Withholding Trusts (WT). Following this publication, the IRS recommends that all QI entities consult … Read more
Monaco’s CRS regulatory environment is currently evolving: In this context, the Direction des Services Fiscaux has intensified its controls to ensure that professionally managed investment entities comply with their registration and annual declaration obligations. Certain entities, such as Monegasque non-trading companies whose income is mainly derived from a portfolio of financial assets and which have … Read more
Sovereign Order n° 10.641 of June 27, 2024 amending Sovereign Order n° 6.208 of December 20, 2016 published in the Journal de Monaco of July 5, 2024, clarifies the penalties applicable in the event of breaches of CRS obligations. The main clarifications are as follows: 1. Penalties for late declaration or failure to declare The … Read more
The Government has recently published an update to its Frequently Asked Questions (FAQ) on the automatic exchange of information in tax matters, as well as an updated version of the Practical Guide for Monegasque financial institutions. The FAQ has mainly been modified to provide updated information on the lists of reporting jurisdictions and partners. The … Read more
On Friday June 28, 2024, the Principality of Monaco was placed on the FATF’s “grey list” of jurisdictions under enhanced scrutiny. Since the evaluation report published by the MONEYVAL Committee in January 2023, Monaco has succeeded in improving its system on a number of points, including: Other actions remain to be implemented. A timetable has … Read more
Ministerial Order no. 2023-680 of April 15, 2024, published in Monaco’s Journal de Monaco on April 19, 2024, updates the list of countries or territories whose anti-money laundering, anti-terrorist financing or anti-corruption measures are strategically deficient. This publication amends Ministerial Order no. 2021-703 of November 8, 2021, amended on November 22, 2023. As a reminder, … Read more
Twelve new jurisdictions subject to 2024 reporting requirements for the year 2023 Ministerial Decree no. 2023-776 of December 26, 2023, published in the Journal de Monaco of December 29, 2023, updates the lists of reportable and participating jurisdictions. 1. 12 new reportable jurisdictions The following jurisdictions are now subject to declaration: These countries will be … Read more
Six years after the implementation of Automatic Exchange of Information (AEoI) in Monaco, the processes related to this regulation now appear to be well mastered, both on the side of authorities and Monegasque financial institutions. The latest peer review conducted on Monaco reveals that not only is the legal framework “in place,” but the effectiveness … Read more
Ministerial Order n°2023-680 of 22 November 2023, published in the Journal de Monaco on 1 December 2023, updates the list of states or territories whose anti-money laundering, terrorist financing or corruption system have strategic deficiencies. This publication amends the Ministerial Order n°2023-413 of 7 July 2023. As a reminder, the obligations related to HRST are … Read more
Ministerial Order no. 2023-680 of November 22, 2023, published in Monaco’s Journal de Monaco on December 01, 2023, updates the list of countries or territories whose anti-money laundering, anti-terrorist financing or anti-corruption measures are strategically deficient. This publication amends Ministerial Order no. 2023-413 of July 7, 2023. As a reminder, the obligations relating to ETHR … Read more
