Before the opening of the G20 Summit in Pittsburgh (PA), which is scheduled at the end of the month, the Principality of Monaco reached a significant step towards \u201ccoming out the grey list of the OECD\u201d by signing today a TIEA 1 with the United States.<\/p>\n
This Tuesday, the 8 th of September at 4:30 pm local time (Washington D.C.),
\nH.E. Franck BIANCHERI, Government Councilor for External Relations and for International Economic and Financial Affairs and the Honorable Neal S. WOLIN, Deputy Secretary, Department of The Treasury, signed a cooperation agreement regarding taxation matters.<\/p>\n
Similar to the agreements previously signed with Belgium and San Marino, this TIEA is completing at the governmental level the provisions of the agreement signed in 2001 between the AMAF
\n(Mon\u00e9gasque Association of Banks and Financial Institutions) and the IRS, regarding the Rules \u201cKnow Your Customer\u201d, which already enabled the Principality to belong to a \u201cQualified Intermediary\u201d Jurisdiction.<\/p>\n
While talks still continue with several countries (including Austria, Andorra and Qatar), today\u2019s signature takes place after the OECD World Forum (in Mexico, 12 September), and before the beginning in New York of the 64 th session of the General Assembly of the United Nations, which H.S.H. Prince ALBERT II of Monaco will be attending.<\/p>\n
H.E. Franck BIANCHERI declared to be \u201cextremely satisfied with the signing of this agreement, which concludes a team effort, involving the Department for External Affairs in Monaco about the finalization of the text and the Embassy of Monaco in Washington D.C. concerning the relations
\nwith the American Authorities.\u201d<\/p>\n
In order to get out of the grey list, Monaco, like other countries, needs to negotiate twelve bilateral agreements of this kind. About twenty countries are presently involved in such talks. Once these agreements are signed and formalized with the OECD, the Principality will join the white list.
\nCompleted with practical provisions for their application, these texts will eventually have to be integrated into the Mon\u00e9gasque internal law by Sovereign Ordinance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Before the opening of the G20 Summit in Pittsburgh (PA), which is scheduled at the end of the month, the Principality of Monaco reached a significant step towards \u201ccoming out the grey list of the OECD\u201d by signing today a TIEA 1 with the United States.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-192","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n