Monaco to open up books to tax scrutiny

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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