The Government of Monaco has published a Practical Guide for financial institutions and self-certification models that can now be used by Monaco banks for new clients and high value clients. As mentioned in our prior posting, the Common Reporting Standard (CRS) organizes an automatic exchange of information between tax authorities on financial account as of January 1 2018 (for accounts and tax information collected in 2017).
CRS is now effective for new clients of Monaco banks which must complete such self-certifications form since January 1 2017. Such new regulations are destined to fight against tax evasion and promote tax transparency in accordance with OECD rules.
Camille Doguet – Remi Delforge