Under the new agreement, member states will receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in the Principality, as well as other financial and account balance information. This is fully in line with the new OECD/G20 global standard for the automatic exchange of information.

The agreement marks the latest in a series of international landmark deals the EU has signed with Switzerland, Liechtenstein, San Marino and Andorra.

Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs, said: ‘This agreement reinforces Monaco's commitment to international tax transparency standards. The EU and Monaco have 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.’