'We're no Liechtenstein,' says Monaco

by Alex Hawkes

29 Feb 2008

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Monaco has defended itself against accusations that it is akin to Liechtenstein as a tax haven.

The principality has issued a release saying it 'regrets the comparison' made between it and Liechtenstein, currently in the grip of global fraud probes into cash stored there by citizens of other countries.

Monaco says it complies with VAT information exchanges with the EU, customs regulations, and that its system of internal controls mean it 'does not have a system of foundations which is open to fraud.'

The release came from 'the office of H.S.H. Prince Albert of Monaco.'

'Despite the considerable efforts which have been made over the last few years to comply with international standards, Monaco regrets that, for formal reasons, the OECD still keeps it “on its blacklist",' the statement says.

'However, discussions with the OECD are still ongoing and Monaco does not intend to remain apart from a general movement towards an exchange of information which is going to be implemented by all of the European states and the main financial centres,' it adds.

Further Reading:

MPs to probe Liechtenstein informant deal

Germany will share tax hitlist

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