The European Union (EU) and Monaco have inked a tax transparency pact, under which they can automatically share data on the financial accounts of each other's residents.
The agreement, aimed at making the two parties better equipped to combat tax dodgers, will be effective from 2018.
Go deeper with GlobalData
The agreement will allow Monaco to automatically provide the names, addresses, tax identification numbers and dates of birth of EU residents with accounts in the principality, along with other financial and account balance data.
The move is in line with the new OECD/G20 global standard for the automatic exchange of information, European Commission said in a statement.
Commissioner for economic and financial affairs, taxation and customs Pierre Moscovici said: "Today's agreement reinforces Monaco's commitment to international tax transparency standards. The EU and Monaco have today sent a joint clear signal: we are allies when it comes to tax transparency and allies in the fight against international tax avoidance and tax evasion."
Previously, EU also struck similar agreements with Switzerland, Liechtenstein, San Marino and Andorra.
