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MEPs Endorse Transparency Agreement With Monaco

by Ulrika Lomas, Lowtax.net, Brussels
24 June, 2016

The European Parliament has voted to approve an agreement between the European Union and Monaco to automatically exchange information on residents' financial accounts from 2018.

Under the agreement, initialed on February 22, 2016, Monaco and EU member states will begin collecting information from January 1, 2017. From 2018, they will automatically exchange information on the names, addresses, tax identification numbers, and date of birth of residents with accounts in the other jurisdiction, along with other financial information such as account balances.

The resolution was approved on June 23 by 549 votes to 16, with 23 abstentions.

The agreement ensures that Monaco will apply measures equivalent to those in place in the EU since March 2014. It also complies with the OECD common standard on the automatic exchange of financial account information.

Formal signature of the agreement is expected to take place before the European Parliament's summer recess, which begins on July 8, assuming European Council authorization is received before this date.

The European Parliament has approved similar agreements with Switzerland, Liechtenstein, San Marino, and Andorra.

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