HSBC closes Monaco branches to streamline it's EU banking operations

Global bank HSBC has finalised plans to remove all branches from the principality of Monaco, as part of its long-term plan to streamline the company’s wealth management business.

New tax transparency agreement between Monaco and the EU

Monaco and the European Union have recently signed an agreement for increased tax transparency, by which they will automatically exchange information for all financial accounts regarding all individuals residing in Monaco from 2018.

Italy signs agreement to limit offshore tax evasion

Italy has made a crucial move in an attempt to reduce offshore tax evasion, under which countries considered to be tax havens may sign information exchange agreements and secure reduced penalties in disclosing taxes.