Monaco has again updated its list of Common Reporting Standard ("CRS") reporting countries, as well as its list of countries considered as CRS partner jurisdictions.
Following publication of the Ministerial decrees in August, 2018 six countries have been added to the list of reporting countries, being the countries with which Monaco Financial Institutions will start to exchange information concerning financial accounts:
► Guernsey
► India
► Indonesia
► Jersey
► Norway
► Switzerland
The first information exchange for these countries will take place in 2019, with respect to the 2018 year.
In addition twenty-three countries have been added as partner jurisdictions:
► Azerbaijan
► Brunei
► Chile
► China
► Cook Islands
► Curaçao
► Greenland
► Isle of Man
► Israel
► Kuwait
► Lebanon
► Malaysia
► Montserrat
► Nauru
► Pakistan
► Russia
► Saint Vincent and the Grenadines
► Saudi Arabia
► South Korea
► Turks and Caicos Islands
► United Arab Emirates
► Uruguay
► Vanuatu
The addition to this list will allow Monaco Reporting Financial Institutions ("RFIs") to rely on reporting to be undertaken by RFIs based in these partner jurisdictions.
For more information or queries on this subject please contact Peter Brigham in Monaco - p.brigham@rosemont-mc.com