Monaco Enhances Global Tax Transparency at OECD Forum in Paraguay

From November 25 to 29, a delegation from Monaco participated in the 17th Plenary Meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes in Asuncion, Paraguay. This pivotal gathering attracted representatives from over 110 jurisdictions and numerous international organizations, focusing on enhancing global tax cooperation. Monaco, which was previously recognized for its adherence to international standards for Automatic Exchange of Information (AEOI), hosted evaluators from the OECD in July to review the effectiveness of its operational framework, with conclusions expected soon.

During the forum, discussions also covered the evaluations related to the Exchange of Information on Request (EOIR) and the crucial aspects of data security and confidentiality. Monaco, having been rated as “compliant” with EOIR standards since 2018, showcased its continued commitment to meeting international obligations by providing timely and relevant information to partner jurisdictions. Additionally, the Principality submitted an addendum to the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information, further demonstrating its dedication to enhancing global tax cooperation.

These efforts underscore Monaco’s ongoing commitment to transparency and international cooperation in tax matters. The Principality’s active participation and alignment with evolving OECD standards highlight its central role in the broader landscape of global tax governance. This not only reinforces Monaco's international standing but also ensures its continued compliance with established and emerging global tax norms.