The agreement between the Government of the Republic of San Marino and the Government of the Italian Republic on economic cooperation, signed in San Marino on 31 March 2009, represents a recent understanding that strengthens the cooperation principles between the two states, already set forth in the Convention of 1939. The agreement establishes forms of cooperation in the different sectors of the economy (industry, labour, trade, tourism) as well as on issues such as the environment, infrastructures, transports, research, healthcare and energy.
Article 1 of the agreement deals with the cooperation on financial issues:
"The parties, in compliance with the principles that govern the relationships between sovereign states, acknowledge the mutual interest in the development, in the Republic of San Marino, of a stable and transparent financial system, integrated with the Italian and European financial system, subject to an appropriate supervision.
The parties undertake to avoid the occurrence of any condition for unfair competition, and cooperate for the purpose of ensuring an effective supervision on the financial activities, so as to prevent and repress the use of the financial system for laundering of illegal proceeds and terrorism financing. The parties regulate, through a separate agreement, the aspects related to financial cooperation."
As evidenced in the wording of the article, the development, in the Republic of San Marino, of a stable and transparent financial system, integrated with the Italian and European financial system, is recognised as an opportunity by both parties and, inter alia, both parties undertake to establish, by means of a separate agreement, forms of cooperation so that the interaction between the respective financial systems would not create any distortions. This agreement has been signed in San Marino on 26 th November 2009.
The agreement on economic cooperation and the financial cooperation agreement, are entered into force jointly on January 26 th, 2015.