The European Union and San Marino have signed an agreement to end banking secrecy. From 2017, the 28 EU countries and the Republic will automatically exchange information on the current accounts of their respective residents, with names, addresses, tax numbers and dates of birth. “It is an important step forward in the fight against tax evasion”, writes the European Commission.
According to Pierre Moscovici, Commissioner for Economic and Financial Affairs, the agreement “is an excellent example of the new rules for global transparency on tax matters and reflects San Marino's determination to implement them. Both the EU and San Marino have demonstrated their willingness to fight international tax evasion”.
In recent months, Brussels had signed a similar agreement with Switzerland and on 3 December with Liechtenstein. Negotiations are currently underway with Andorra and the Principality of Monaco. All these agreements are in line with the global standard on the automatic exchange of information promoted by the G20 and elaborated by the OECD, the CRS (Common reporting standard), to which currently 96 countries have already adhered.
