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EU, Monaco reach tax transparency agreement

The European Commission said the EU and Monaco have signed atax transparency agreement, designed to prevent tax evasion.

The agreement enables the automatic exchange of informationon the financial accounts between Monaco and other EU states. From 2018 onwards,EU state members will have access to names, addresses, tax identificationnumbers and birth dates of residents with accounts in Monaco, in addition toother financial details.

The deal represents the latest in a series of internationalagreements the EU has signed, with others including those with , , and Andorra.