Monaco has seen which way the wind is blowing, and has now taken steps to open up its books in the latest victory in the battle against tax havens.
Monaco has seen which way the wind is blowing, and has now taken steps to open up its books in the latest victory in the battle against tax havens.
The principality is to follow Switzerland, Austria and Luxembourg by relaxing its strict bank secrecy rules after pressure from the Organisation for Economic Co-operation and Development ahead of the G20 finance ministers’ summit, held this weekend.
Monaco is one of three jurisdictions – the others being Andorra and Liechtenstein – listed as “uncooperative tax havens” by the OECD.
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Its banks are regarded as the least likely to give out information about their clients, even if they are involved in financial crime or terrorism. The issue is expected to be a major one at the G20 summit of world leaders next month, with calls growing for a clampdown.
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