Monaco has signed a multilateral agreement to hand over financial data automatically. The pact, which is designed to beat tax evaders, comes into force in 2018.

The Organisation for Economic Co-operation and Development said that the Mediterranean jurisdiction had signed a Multilateral Competent Authority Agreement. This sets out ways in which jurisdictions automatically exchange information as part of a move by countries to stamp out tax evasion and illicit flows of money. The tiny state is the 76th jurisdiction to sign the agreement, the OECD said. It added: “Financial information will be collected from 1 January 2016 in around 50 jurisdictions, for  automatic exchange between authorities in 2017.”