Financial Crime World

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Monaco Signs Protocol with European Union to Prevent Fraudulent Transactions

In a significant move to prevent fraudulent transactions and enhance fiscal transparency, Monaco has signed a protocol with the European Union (EU) today. The signing ceremony was attended by H.E. Mr. Serge Telle, Minister of State, M. Jean Castellini, Minister of Finance and Economy, on behalf of the Principality of Monaco, and Mr Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs.

Amending the Agreement

The protocol amends the “Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC” to bring it in line with global standards. This agreement is part of an ongoing process of transparency and a commitment by Monaco to conclude agreements compliant with international standards developed by both the EU and the OECD Global Forum on exchanging information.

Strengthening Cooperation

According to Mr Moscovici, the protocol marks an important new step in efforts to improve fiscal transparency. It opens up a new chapter where cooperation and trust between the European Union and Monaco will be strengthened.

Automatic Exchange of Information

Under the agreement, starting from 2018:

  • Monaco will annually and automatically exchange information regarding reportable accounts in Monaco with each EU member state.
  • Vice versa, EU member states will also exchange similar information with Monaco.
  • The two parties will also be able to exchange information on request, which is highly likely to be relevant in applying the agreement’s provisions.

Implementation Plan

Monaco has committed to introducing dedicated human and information resources and adopting necessary legislation to move ahead with automatic exchange in 2018. The country considers that this change will require considerable investment in a short timeframe and will seek assistance from a company to be appointed through a tender process currently under review.

Removing Monaco from National Blacklists

During the signing ceremony, Mr Jean Castellini highlighted the issue of Monaco still appearing on national blacklists issued by certain EU member states due to non-cooperation or lack of transparency. He noted that it would be appropriate if this progress in fighting fraud and evasion was accompanied by Monaco’s removal from these lists.

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