The Government of Monaco publishes new lists of reportable and participating jurisdictions.
Ministerial Decree no. 2018-788, published in the Journal de Monaco on August 3, 2018, updates the lists of reportable and participating jurisdictions applicable under CRS regulations.
Six jurisdictions, previously participating jurisdictions, become reportable jurisdictions:
- Guernsey
- India
- Indonesia
- Jersey
- Norway
- Switzerland
These jurisdictions will be subject to CRS reporting from 2019 onwards, based on 2018 information.
In addition, twenty-three new countries have been added to the list of participating jurisdictions:
- Saudi Arabia
- Azerbaijan
- Brunei Darussalam
- Chile
- China
- South Korea
- Curaçao
- United Arab Emirates
- Greenland
- Isle of Man
- Cook Islands
- Turks and Caicos Islands
- Israel
- Kuwait
- Lebanon
- Malaysia
- Montserrat
- Nauru
- Pakistan
- Russia
- Saint Vincent and the Grenadines
- Uruguay
- Vanuatu
These jurisdictions should be taken into account today as part of your due diligence procedures. Indeed, any professionally managed investment entity resident in one of the above jurisdictions can now be considered a financial institution.