On February 22, 2016 the European Commission issued a press release announcing that on that same date the EU and Monaco initialled a new tax transparency agreement. According to the press release the agreement is similar to the ones that the EU concluded with Switzerland, San Marino, Liechtenstein and Andorra.

The agreement provides that Monaco and EU Member States will automatically exchange information on the financial accounts of one another's residents from 2018. The information will start being collected from January 1, 2017. The European Commission expects that the formal signature of the new agreement is to take place before summer, as soon as the Council has authorised the Commission's proposal.

Under the new agreement Member States will receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in Monaco, as well as certain other financial information, including account balances.

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