The European Union (EU) and the Republic of San Marino have signed a tax transparency agreement to fight against tax evasion.

The latest agreement marks the end of bank secrecy between the EU and San Marino, which initially resisted demands to exchange account-holder information.

Under the agreement, San Marino and EU Member States will automatically exchange information on the financial accounts of one another’s residents from 2017 onwards.

As per the terms of the deal, the names, addresses, tax identification numbers and dates of birth of their residents with accounts, as well as other financial and account balance information will be mutually exchanged.

The agreement is in line with the new OECD/G20 global standard for the automatic exchange of information.

The EU signed a similar agreement with Switzerland in May 2015 and with Liechtenstein in October this year.

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By GlobalData