“Monaco has taken many positive steps towards improving transparency in recent years,” Secretary General Gurría said after a ceremony at OECD headquarters with José Badia, the Principality of Monaco’s Minister for Foreign Affairs and Cooperation. “Today’s signing is an important new signal that Monaco is seriously committed to the international fight against offshore tax avoidance and evasion.”

Mr Gurría noted that the continuing increase in signatories to the Convention reflects the growing levels of support for the exchange of information on request and signals growing recognition that automatic exchange of information is becoming the new international standard.

The Multilateral Convention provides for all forms of mutual assistance: exchange on request, spontaneous exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while protecting taxpayers’ rights. It provides the option to undertake automatic exchange, while requiring an agreement between the Parties interested in this form of assistance.

The Convention will be a key agenda item during the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes on 28-29 October in Berlin, Germany. Representatives of more than 40 countries and jurisdictions are expected to sign a Multilateral Competent Authority Agreement on Financial Account information, which will signal their commitment to launching automatic exchange in the near future.