A statement from France's Finance Ministry this week has confirmed that France and Monaco have reached an agreement on initiatives to counter money laundering in the principality. According to the Ministry, Monaco has 'significantly strengthened' its stance against money laundering activities by doubling the number of staff who trace the money launderers as well as pledging to report more suspicious transactions.
Monaco has also undertaken to increase its cooperation with the Financial Oversight Commission to revise the rules governing investment management companies and improve upon regulation and transparency in general. The tax treaty between the two territories has also been modified 'to correct abnormal evolutions in the deduction of executive pay from Monaco's tax on corporate profits,' the statement added. This includes the decision to ensure that French citizens living in Monaco since 1989 must pay a wealth tax from the beginning of the year onwards.
The statement also stressed that the OECD and the FATF have 'noted progress by Monaco in the fight against money laundering.'
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