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Monaco's Transparency Pledge Noted By The OECD,
by Ulrika Lomas, Tax-News.com, Brussels
Monday, March 30, 2009
OECD Secretary-General Angel Gurría has released a statement welcoming
an announcement by Monaco that it is prepared to enter into agreements for the
exchange of information in all tax matters in accordance with international standards
developed by the OECD and recognised by the United Nations.
In a letter to the OECD Secretary-General, the Principality of Monaco stated
that it is prepared to expand the scope of an anti-fraud agreement that it is
negotiating with the European Commission so that the agreement incorporates
the OECD standards fully.
Monaco expressed the hope that this agreement can be finalised by the end of
2009, so as to allow it to exchange information in all tax matters with all
European Union member states that are signatories to the agreement. In addition,
Monaco announced that it is prepared to negotiate tax information exchange agreements
with all countries that wish to do so, and in particular with those members
of the G-20 that are not also members of the EU.
Welcoming the announcement, Gurría said: “The Principality of
Monaco has made a very important step by recognising that in today’s financial
world meeting international standards is no longer optional. Governments require
it, customers require it, and competitors require it.”
He also encouraged a rapid implementation of this commitment, underlining that
"moving to concrete results is the true test.”
Monaco was identified as a tax haven by the OECD in 2000 and included in an
OECD list of uncooperative tax havens issued in 2002 after failing to join
other financial centres in committing formally to take steps towards increased
transparency and exchange of information.
In the last few weeks, a number of other jurisdictions have announced that
they, too, are now ready to adopt the international standards. Commenting on
these developments, Jeffrey Owens, Director of the OECD’s Centre for Tax
Policy and Administration, said: “These announcements demonstrate that
acceptance of the OECD principles of transparency and information exchange is
no longer an issue.”
“The key now is to ensure rapid implementation, and the OECD will monitor
progress very closely.”
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