Italy and Monaco: no secrets please! Today Italy and Monaco signed a petition concerning the exchange of information between the two countries.
Today Italy and Monaco signed a petition concerning the exchange of information between the two countries. As already happened with Switzerland and Liechtenstein, Italy and Monaco will have no more secrets as far as banking and tax information are concerned.
The petition will help the development of cooperation between the two countries in order to strengthen the fight against tax evasion. No secrets then starting from today, as the information concerning tax payment or revenues will be given on request in case of taxpayers acting as if they would like to hide something to the Italian tax authority. The banking secrecy cannot be used now to avoid the exchange of information.
Monaco will be then considered “no black list” anymore, so that all the Italian citizens who own capitals in Monaco illegally can regularize their condition at the best conditions by paying the taxes and a reduced amount of fines.