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THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty on the Functioning of the European Union, and in particular Article 115, in conjunction with Article 218(6), second subparagraph, point (b), and Article 218(8), second subparagraph, thereof,Having regard to the proposal from the European Commission,Having regard to the opinion of the European Parliamentnote,Whereas:
(1)The Agreement between the European Union and the Principality of Monaco on the exchange of financial account information to improve international tax compliance in accordance with the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the Organisation for Economic Cooperation and Development (OECD)note (‘the Agreement’) has enhanced mutual assistance in tax matters between the Contracting Parties and improved international tax compliance.
(2)Important changes to the Common Reporting Standard (CRS) of the Organisation for Economic Cooperation and Development were approved at international level on 26 August 2022 and were incorporated into Union law by means of Council Directive (EU) 2023/2226note, which amended Council Directive 2011/16/EUnote.
(3)Therefore, the Agreement needs to be amended to ensure that the automatic exchange of financial account information between Member States and the Principality of Monaco is aligned with, and continues to take place in accordance with, the updated CRS from 1 January 2026.
(4)The text of the Amending Protocol to the Agreement between the European Union and the Principality of Monaco on the exchange of financial account information to improve international tax compliance in accordance with the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the Organisation for Economic Cooperation and Development (OECD) (‘the Amending Protocol’), which is the result of the negotiations, duly reflects the negotiating directives issued by the Council.
(5)In accordance with Council Decision (EU) 2025/2125note, the Amending Protocol was signed on 13 October 2025 , subject to its conclusion at a later date.
(6)The Amending Protocol and the Joint Declarations attached thereto should be approved on behalf of the Union.
(7)The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 of the European Parliament and of the Councilnote,
HAS ADOPTED THIS DECISION:
Article 1#
The Amending Protocol to the Agreement between the European Union and the Principality of Monaco on the exchange of financial account information to improve international tax compliance in accordance with the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the Organisation for Economic Cooperation and Development (OECD)note is hereby approved on behalf of the Union.
Article 2#
The Joint Declaration of the Contracting Parties on the Agreement and the Annexes, the Joint Declaration of the Contracting Parties on Article 5 of the Agreement and the Joint Declaration of the Contracting Parties on the entry into force and implementation of the Amending Protocol are hereby approved on behalf of the Union.
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