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Monaco Submits To OECD Guidelines,
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, March 19, 2009
Following negotiations with the OECD, Monaco has agreed to increase its transparency
with foreign tax authorities in the hope that the OECD will remove it from its
list of uncooperative jurisdictions, revealed Monaco in a recent statement.
In its statement Monaco said that it would follow ‘recent evolutions in the
area of bank secrecy and information exchange’ undertaken by jurisdictions such as Switzerland, Luxembourg
and Austria and conform to standards laid down by the OECD.
The move by Monaco means that all previously blacklisted territories have agreed
to conform to OECD standards on information exchange, including Liechtenstein
and Andorra, last week.
OECD Secretary-General Angel Gurria has welcomed the recent decisions by several
jurisdictions. In his statement he opined: “Moves by major financial centres
to improve transparency and exchange of information for tax purposes mark a
significant step forward in international tax cooperation and a welcome result
of more than twelve years of OECD work reinforced by the imminence of the G-20
summit next month."
“These announcements mark a fundamental change and an important moment
in the history of international tax cooperation,” Gurria said. “At
a time when governments around the world need to maximize tax revenues in order
to address the global economic crisis, this is an extremely important breakthrough.”
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