In early December Andorra and Monaco signed the OECD Multilateral Competent Authority Agreement (‘MCAA’) joining the international network for the exchange of information between jurisdictions under the Common Reporting Standard (‘CRS’) regime to permit the automatic exchange of information under CRS.
Andorra and Monaco became the 75 and 76 states to join the CRS MCAA. The CRS MCAA was initially signed by 51 jurisdictions in Berlin in October 2014 with Switzerland signing in November that year.
Under the provisions of the CRS MCAA states are required to provide and exchange information as detailed in the MCAA in accordance with the agreed timetable. The aim of the MCAA is to provide a framework between nations to formally exchange information and to lend assistance for tax collection and recovery.