The US Department of the Treasury announced on September 8 the signing of a tax information exchange agreement with Monaco. The agreement was signed by US Deputy Treasury Secretary, Neal Wolin and Head of the Monaco Government's External Relations, Franck Biancheri in Washington.
"This Administration is wholeheartedly committed to combating offshore tax evasion," explained Wolin. "We are working with countries like Monaco to ensure that the IRS has access to the information that it needs to enforce US tax law. Today's agreement serves as an example for other financial centers around the world and reflects our continued efforts to end the use of offshore accounts as a tool for tax evasion."
From an US point of view, the Tax Information Exchange Agreement (TIEA) with Monaco will provide the United States with access to information needed to enforce US tax laws, including information related to bank accounts in Monaco.
The TIEA will permit the United States to seek information from Monaco, beginning in 2010, on all types of taxes in both civil and criminal matters regarding 2009 and later tax years.
Information exchanged pursuant to the TIEA may be used only for tax purposes, and the tax authorities must safeguard the confidentiality of information exchanged pursuant to the TIEA.
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