Monaco has signed another Tax Information Exchange Agreement, this time in Washington.
The signing of the agreement has fallen between two important events in the world economic calendar. Just a week earlier, the Principality was represented at the OECD’s Global Forum on Transparency and Exchange of Information in Mexico City. And next week, the G20 summit is to be held in Pittsburgh.
Since the previous G20 summit in April, Monaco has opened up negotiations to exchange tax information with a score of countries. Four agreements with France, Luxembourg, Belgium and Liechtenstein were signed before July, and a further four in the first couple of weeks of September with Andorra, Austria, Qatar and now the United States.
The agreement with America is similar to the ones signed with Belgium and San Marino earlier this year. Each country will provide the other with information, including bank account data, if it's not been possible to obtain it through other means. With better access to information, it's hoped that tax dodgers will no longer be able to avoid paying what they owe.