CRS – Monaco’s data protection authority, CCIN, issues a favourable opinion on deployment of the tax information exchange platform

In a decision dated 20 June 2018, the Commission de Contrôle des Informations Nominatives (CCIN) confirmed that data processing carried out for the purposes of the “automatic exchange of information for tax matters between Monaco and reportable jurisdictions” is compliant with Act n°1,165 of 23 December 1993, as amended, on the protection of personal data.

The automatic data exchange platform was introduced by Monaco’s Department of Tax Services, following a decision by the Minister of State dated 3 July 2018, published in the Official Gazette of Monaco on 13 July 2018.

It is intended to address the commitments adopted by the Principality of Monaco in respect of the OECD, to allow tax information to be exchanged automatically between Monaco and the competent authorities in reportable jurisdictions. 

The first exchanges of information between the Principality of Monaco and reportable jurisdictions will take place by 30 September 2018, as indicated on the website of the Monegasque government.