PARIS — Monaco succumbed to international pressure over the weekend, becoming the latest country to adopt international standards for banking openness and information-sharing at a time when the United States and its European allies in battling tax evaders face what could be years of negotiations before they are able to proclaim victory....
Monaco is joining Switzerland, one of the countries that told the organization in the last few weeks that it would abide by the standards outlined under Article 26 of the organization’s Model Tax Convention, which requires the tax authorities to exchange information on request if there is probable cause to suspect tax evasion.
The other governments joining Switzerland and Monaco are Austria, Belgium, Luxembourg, Andorra, Liechtenstein, Singapore and Hong Kong.
Tuesday, March 17, 2009
As Tax Havens Acquiesce, Monaco Adopts Standards