The US and Monaco have signed an agreement to share tax information, the latest step by the tiny European principality to show it is co-operating on providing data, media reports said.

The bilateral tax-information exchange agreement was signed in Washington yesterday by Neal Wolin, deputy secretary of the US Treasury, and Franck Biancheri, Monaco's foreign affairs and finance minister.

Monaco is seeking to finalize 12 such bilateral treaties, the minimum that are required to be eligible for elimination from the tax-haven list established at the G20 summit in London in April.

Monaco has now signed four fiscal transparency agreements this year that conform with the norms of the Paris-based Organisation for Economic Co-operation and Development, having already signed similar deals with Belgium, Luxembourg and San Marino.

The agreement means Monaco can now pass on information about US bank account holders to US tax authorities "on a case-by-case basis and following concrete and substantive requests," reports said.