Monaco latest to ink accord with Italy to end bank secrecy
ROME (AP) — The principality of Monaco has signed an accord with Italy aimed at ending banking secrecy, days after Switzerland and Liechtenstein inked similar pledges to exchange financial information with Rome.
The accords are key instruments in the Italian government’s quest to fight tax evasion, a chronic problem plaguing the state’s coffers.
Italy’s finance ministry said that the accord with Monaco, signed on Monday, will allow administrative cooperation and will “strengthen the fight against transnational tax evasion.”
A recent Italian law allows taxpayers to incur milder sanctions if they voluntarily disclose previously undeclared overseas bank accounts and pay the tax due, if they act by September 2015.