The Principality of Monaco has reaffirmed its commitment to global tax transparency by signing a revised protocol with the European Union, aimed at strengthening the automatic exchange of financial account information.

The official signing ceremony took place in Brussels on 13th October, where Monaco joined Andorra, San Marino, and Liechtenstein in updating their respective agreements with the EU. The changes bring the accords in line with the OECD’s 2023 revisions to the global standard on financial information exchange, introducing tighter reporting obligations for financial institutions.

Representing the Principality, Pierre-André Chiappori, Monaco’s Minister of Finance and Economy, reaffirmed Monaco’s “unwavering commitment to the highest international tax standards”. According to a government statement, he described the updates as essential for keeping pace with the OECD’s evolving expectations and maintaining Monaco’s compliance in international financial reporting and tax transparency.

A balanced approach

Chiappori also highlighted the importance of continued collaboration with the EU while preserving Monaco’s fiscal sovereignty. “The Principality remains firmly engaged in the fight against tax fraud and evasion,” he said during his remarks.

The revised protocol will officially enter into force on 1st January 2026, marking another milestone in Monaco’s steady alignment with international regulatory frameworks.

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Photo source: Government Communications Department