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
On June 8, 2023, the OECD published a new reporting framework for crypto-assets, as well as an update of the Common Reporting Standard (CRS) and its commentaries. These changes have not yet been transposed into Monegasque law, but may soon modify the Monegasque legal framework, in particular Ordinance no. 6.208. In order to anticipate these … Read more
On January 10, the OECD published the Automatic Exchange of Information (AEoII/CRS) peer review report in which Monaco’s assessment appears. The report shows a good level of compliance and effectiveness in Monaco, even if improvements remain to be implemented: The “Direction des Services Fiscaux” in Monaco is currently carrying out in-depth documentary controls with Monegasque … Read more
Two new jurisdictions subject to 2023 reporting requirements for 2022 Ministerial Decree no. 2022-729 of December 21, 2022, published in the Journal de Monaco of December 30, 2022, adds two countries to the list of jurisdictions subject to reporting in Monaco: Jamaica and Peru. These countries will be subject to CRS reporting from 2023 onwards, … Read more
We are pleased to present our new training course on CRS or Automatic Information Exchange available on our online platform: www.learning.phoenix.mc Who should attend? This training course is primarily intended for professionals in the banking and financial sector (Front Office, Compliance teams, Tax teams). What can you expect? French and English subtitles are available on … Read more
Ministerial Decree no. 2021-783 of December 10, 2021, published in the Journal de Monaco of December 17, 2021, updates the 3 lists of jurisdictions applicable in Monaco: reportable, non-reciprocal and participating jurisdictions. 1. 4 new reportable jurisdictions Albania, Ecuador, Hong Kong and Nigeria have been added to the list of repotable jurisdictions. These countries will … Read more
The ACPR has granted banks flexibility on the deadlines for submitting certain regulatory reports, and some countries have shifted their deadlines for FATCA and CRS reporting. Some of the “SURFI” statements and narrative reports, such as the report on internal control, due from all credit institutions supervised by the ACPR, have been postponed. For some … Read more
In response to the COVID-19 virus, the IRS has announced today that the deadline for submitting the 8966 report is postponed. The report, initially due by March 31, 2020, is now due by July 15, 2020. The extension is automatic, and submission of Form 8809-I is not required. For more information, see the IRS FATCA … Read more
