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G20 Demosntration Government's press release

11-04-2011-

    The G20 meeting in Cannes provided a pretext for a demonstration on the border of Monaco.

    The Government is keen to point out a few facts concerning the Principality:

    For several years now, Monaco has belonged to the major international organisations that decree the standards pertaining to tax transparency and the fight against money laundering and corruption, such as the OECD’s Global Tax Forum, the FATF, MONEYVAL and GRECO.

    Monaco’s efforts are continuous to bring its legislation and practices in line with the requirements laid down by these international organisations, and this has resulted in, for example, the Tax Justice Network (an independent institute which ranks countries according to their opaqueness) placing Monaco in 64th position only. This means that the Principality ranks better than many major countries.

    Continuing to claim that small countries with just a few thousand inhabitants are to blame for the current serious global situation merely diverts the debate from the real issues behind the crisis: the "subprime" mortgage policy and public debt. This is ignoring the economic reality, the importance of the Principality of Monaco’s labour market for the entire region and the 38,000 French and Italian workers who commute to Monaco every day.
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Last updated: November 3, 2011 (07:17) Copyright © 2014 Service Informatique du Ministère d'Etat www.gouv.mc