Monaco is no longer tax havens

United States and Monaco signed an agreement for exchange of tax information, which is expected to help the principality to continue its efforts for its removal from the gray list of countries considered tax havens, which the G-20.

This is the fourth contract for fiscal transparency, conforming to the rules of the Organization zda Economic Cooperation and Development (OECD), signed from Monaco this year.

Principality has to sign at least 12 such agreements to be subtracted from the gray list, drawn up at the summit of the G-20 in London in April.

Advisor (Minister) in the Government of Monaco in foreign affairs and international economic and financial issues Biankeri Frank pointed out that the Principality intends to sign before the meeting of G-20, 24 and 25 September in Pittsburgh, USA, three agreements – with Austria, Andorra and Qatar.

The first four were signed by France with Monaco in 1962 with Belgium, Luxembourg and San Marino this year.

In the course of years, Monaco is renowned as a tax haven, but after this the leaders of most developed economies for tighter regulation of financial markets, the principality has stepped up its efforts to improve its appearance on the world stage.

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Finance