Monaco Government publishes new lists of reportable and participating jurisdictions .
Ministerial Decree no. 2018-1007, published in the Journal de Monaco on November 2, 2018, updates the lists of reportable and participating jurisdictions and creates a new list of non-reciprocal jurisdictions.
> Find the complete and updated lists here <
Reportable jurisdictions
Twenty-two jurisdictions become reportable jurisdictions:
- South Africa
- Saudi Arabia
- Argentina
- Australia
- Azerbaijan
- Brazil
- Canada
- Chile
- China
- South Korea
- Greenland
- Isle of Man
- Faroe Islands
- Iceland
- Malaysia
- New Zealand
- Panama
- Russia
- San Marino
- Seychelles
- Singapore
- Uruguay
These jurisdictions will be subject to CRS reporting from 2019 onwards, based on 2018 information.
Participating jurisdictions
Two new countries have been added to the list of participating jurisdictions, beyond those subject to reporting:
- Barbados
- Hong Kong
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 may now be considered a financial institution.
Non-reciprocal jurisdictions
These are jurisdictions which will communicate CRS declarations to Monaco (concerning Monegasque residents who have accounts with them), but which in exchange will not receive any CRS declarations from Monaco.
This list therefore has no impact on your due diligence and reporting procedures.
There are several criteria which may justify the inclusion of a jurisdiction on this list:
- The jurisdiction does not have a tax regime and, as such, there is no justification for it to receive information relating to the financial accounts of its residents;
- The jurisdiction has deliberately chosen not to receive declarations from other countries; or
- The jurisdiction has not yet demonstrated a sufficient level of confidentiality and data protection according to OECD standards to enable it to receive information from other countries.