Today Monaco deposited its instrument of ratification for the [Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/tax/exchange-of-tax-information/convention-on-mutual-administrative-assistance-in-tax-matters.htm), underling its commitment to fight tax evasion and avoidance. It is another important step taken in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries, as well as automatic exchange of Country-by-Country Reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.
Monaco has committed to implement automatic exchange of financial account information in time to commence exchanges in 2018. It was amongst the first signatories of the [CRS Multilateral Competent Authority Agreement](http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/) (the “CRS MCAA”) and the [Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports](http://www.oecd.org/tax/exchange-of-tax-information/cbc-mcaa.pdf) (the “CbC MCAA”), which are both based on Article 6 of the Convention.
The Convention will enter into force for Monaco on 1 April 2017.