Monaco recently published an updated publication on the implementation of the automatic exchange of information. This publication relates to how financial institutions must report under the OECD’s Common Reporting Standard (CRS).
This most recent update includes a few updates to existing language surrounding trusts, specifically with regard to controlling persons.
- The settlor, trustee, protector, or beneficiary must always be considered as controlling person(s) regardless of whether they have effective control of the trust;
- If a settlor/trustee/protector/beneficiary of a trust is an entity, the persons controlling the entity in question must be identified and named as persons holding control of the trust.
- If said entity acts on behalf of a third party, that third party must be identified; if no identification can be made, then the persons controlling the entity must be the controlling persons.