Monaco confirms its commitment to implement Automatic Exchange of Financial Account Information
15/12/2015 – Monaco today signed the Multilateral Competent Authority Agreement, which confirms its commitment to implement automatic exchange of financial account information in time to exchange in 2018.
The Multilateral Competent Authority Agreement lays the foundation for the international operational framework for automatic exchange, seen as the pre-eminent instrument for facilitating its rapid implementation. Monaco is the 76th jurisdiction to sign the Agreement.
Many jurisdictions are now updating domestic legislation to ensure that financial institutions report information on financial assets held by non-residents. Financial information will be collected from 1 January 2016 in around 50 jurisdictions, for automatic exchange between authorities in 2017.
The Global Forum has established a real-time monitoring process to track delivery of commitments made and to identify areas where support is needed. It has also begun assessing confidentiality standards and data safeguards in all committed jurisdictions.