The deal also includes other financial information, like account balances, and the data will start being collected from 1 January 2017. It complies with the new OECD and G20 global standard on automatic exchange of information.
Pierre Moscovici, the EU commissioner for economic and financial affairs, taxation and customs, hailed the agreement as the start of a new era between Monaco and the EU.
“We both aim to combat fraud for the benefit of honest taxpayers. This agreement is a step forward in achieving our aim in an efficient and fair manner,” he said in a statement.
Monaco’s minster for finance and economy, Jean Castellini, said: “The initialling of this agreement constitutes a further example of the policy implemented by Monaco to combat international tax avoidance and evasion.
Monaco said the deal was part of its commitment to conclude agreements which respect international standards developed by both the European Union and the OECD Global Forum, in terms of the exchange of information
The EU signed similar agreements in 2015 with Switzerland, San Marino, Liechtenstein and, this year, with Andorra.