Italy and Monaco agree to abolish banking secrecy
(AGI) Rome, Mar 2 - An agreement has been signed by Monaco andItaly to end banking secrecy. The deal to exchange informationon tax is similar to those with Switzerland and Liechtenstein,announced Italy's Ministry of Economy. A protocol on "grouprequests" was also signed. The agreement will boost cooperationbetween the countries and help the fight against transnationaltax evasion. The agreement is based on the OECD Tax InformationExchange Agreement and allows information to be exchanged onrequest. A state cannot refuse a request even if it isirrelevant to its own tax system or banking secrecy.