Monaco is still among the tax havens that are named “un-cooperative tax havens”. In 2002, Andorra, Liberia, Liechtenstein, the Marshall Islands, Monaco, Nauru and Vanuatu were on the list of un-cooperative tax havens. Most countries managed to get themselves off the list, but Monaco stayed on the list, together with Liechtenstein and Andorra.
Being on this black list, Monaco feels stigmatized. Jean paul Proust, Minister of State, says: “It is not fair. We want to shake off the image of a tax haven. It is not really a tax haven. Companies pay taxes in Monaco.” He adds that Monaco will fully co-operate in criminal investigations involving tax “But we care about banking secrecy, if there is no penal offence.”

Monaco’s commitment to the banking secrecy is not motivated by the unwillingnes of the wealthy to pay taxes, but rather by the fear of extremely rich people that their financial information can fall into the wrong hands, meaning unsafety and higher chances of kidnapping and robbery.
Read more about the state of Monaco at the website of the Financial Times.

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