Monaco prepared to cooperate on tax

Monaco has agreed to be more transparent with foreign tax authorities, a spokesman for the principality's government has said.

This content was published on March 14, 2009 - 17:04

The commitment comes as the tiny Mediterranean state seeks to be taken off the OECD list of uncooperative tax havens.

The Organisation for Economic Cooperation and Development, a Paris-based think tank, had listed Monaco and fellow small European states Andorra and Liechtenstein as "uncooperative tax havens", described as states that lack transparency, and refuse to share information with foreign tax authorities.

Prince Albert II of Monaco said last year that Monaco would join in the movement toward greater transparency once other, larger countries – such as Switzerland, Luxembourg and Austria – followed suit, a spokesman said.

The move means that foreign tax authorities will be given access to information about foreign account holders in the principality. Until now, the only foreigners given such access were judicial investigators authorised by a judge.

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