Automatic exchange of information (financial accounts): jurisdictions subject to declaration (Ministerial Order n°2022-729 of 21 December 2022)

Ministerial Order No. 2022-729 of 21 December 2022 (JDM No. 8623 of 30 December 2022) sets the list of “reportable”, “partner” and “non-reciprocal” jurisdictions in the context of the automatic exchange of financial account information under the Common Reporting Standard (CRS), pursuant to the following international instruments:

• OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters (Order No. 6.205 of 16 December 2016);
• Multilateral Agreement between Competent Authorities on the Automatic Exchange of Financial Account Information (Order No 6.206 of 16 December 2016);
• Protocol amending the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Directive 2003/48/EC (Order 6.207 of 16 December 2016).

SUMMARY :

— Peru is added to the list of jurisdictions subject to declaration in Monaco.

— The list of partner jurisdictions (with which Monaco has entered into negotiations to proceed with automatic exchange, which allows Monegasque financial institutions to apply lighter due diligence procedures when their clients are residents of these jurisdictions) and the list of non-reciprocal jurisdictions (sending information to Monaco, but not wishing to receive information in return on the financial activities of their residents established in Monaco) are unchanged.

IN DETAIL :

— List of jurisdictions subject to declaration as of 1 January 2023 (Art. 1 Ministérial Order No. 2022-729): Albania, Andorra, Argentina, Australia, Austria, Azerbaijan, Belgium, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Cyprus, Curaçao, Denmark, Ecuador, Estonia, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hong Kong, Hungary, Isle of Man, Mauritius, Faroe Islands, India, Saudi Arabia, South Africa, Spain, Indonesia, Iceland, Ireland, Israel, Italy, Jamaica, Japan, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Nigeria, Norway, Panama, Peru, Poland, Portugal, Romania, Russian Federation, San Marino, Seychelles, Singapore, Slovakia, Slovenia, Sweden, Switzerland, United Kingdom, Uruguay.

— List of partner jurisdictions as of 1 January 2023 (Art. 2 Ministérial Order No. 2022-729): Barbados, Brunei Darussalam, Costa Rica, Cook Islands, Grenada, Kuwait, Pakistan, Saint Vincent and the Grenadines, Vanuatu.

— List of non-reciprocal jurisdictions as of 1 January 2023 (Art. 3 Ministerial Order No. 2022-729): Anguilla, Aruba, Bahamas, Bermuda, Cayman Islands, British Virgin Islands, Lebanon, Montserrat, Nauru, St Kitts and Nevis, Samoa, Turks and Caicos Islands, United Arab Emirates.