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 legal framework is in place and in line with OECD requirements.
- Practical implementation is on track.
The “Direction des Services Fiscaux” in Monaco is currently carrying out in-depth documentary controls with Monegasque Financial Institutions.
Among the next actions outlined in the report:
- Carrying out on-site inspections
- Applying penalties and sanctions
Are you prepared for these inspections?
We support you throughout your compliance process: carrying out pre-audits, drafting procedures, preparing reports, answering your questions, training staff, etc.Contact us for more information!