Banking secrecy: what you need to know

In the September 2015 edition of L’Observateur de Monaco, Maître Olivier Marquet explains some key aspects of Monegasque law on banking secrecy. Here are some extracts:

"The particularity of Monegasque banking law lies in the principle whereby only a limited part of European and French banking regulations are applied, whereas Monaco has its own regulations in certain areas such as banking law, financial activities or anti-money laundering...
Banking secrecy works in a relatively simple way; bankers are prohibited from disclosing to anyone the precise and confidential information they receive in the course of their role as banker, except where provided for by the law...
There are currently a number of agreements in place, signed by the Principality of Monaco, and governing the exchange of fiscal information between States... ".

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