Editing Economy of Monaco (section)

==Tax haven==
Monaco levies no income tax on individuals. The absence of a personal income tax in the [[principality]] has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco;<ref>{{cite web |last1=Neate |first1=Rupert |title=Monaco builds into the Med to house new throng of super-rich |url=https://www.theguardian.com/business/2017/nov/19/monaco-builds-into-the-med-to-house-new-throng-of-super-rich |website=The Guardian |access-date=15 May 2024}}</ref> celebrities such as [[Formula One]] drivers attract most of the attention, but the vast majority of them are less well-known business people.

In 2000, a report by the French parliamentarians, [[Arnaud Montebourg]] and [[Vincent Peillon]], alleged that Monaco had lax policies with respect to money laundering, including within its famed casino, and that the government of Monaco had been placing political pressure on the judiciary so that alleged crimes were not properly investigated.<ref>{{cite web |last1=Basso |first1=Davide |title=France still sends €100 million a year to 'millionaire haven' Monaco |url=https://www.euractiv.com/section/economy-jobs/news/france-still-sends-e100-million-a-year-to-millionaire-haven-monaco/ |website=Euractiv |access-date=15 May 2024}}</ref>

In 1998, the [[OECD|Organisation for Economic Co-operation and Development]] (OECD) issued a first report on the consequences of the tax havens' financial systems. Monaco did not appear in the list of these territories until 2004, when OECD became indignant regarding the Monegasque situation and denounced it in its last report, as well as Andorra, Liechtenstein, Liberia and the Marshall Islands, underlining its lack of co-operation as regards to financial information disclosure and availability.

In 2000, the [[Financial Action Task Force]] on Money Laundering (FATF) stated: "The anti-money laundering system in Monaco is comprehensive. However, difficulties have been encountered with Monaco by countries in international investigations on serious crimes that appear to be linked also with tax matters. In addition, the FIU of Monaco (SICCFIN) suffers a great lack of adequate resources. The authorities of Monaco have stated that they will provide additional resources to SICCFIN." The Principality is no longer blamed in the 2005 FATF report, as well as all other territories. In 2003, the International Monetary Fund (IMF) has identified Monaco, along with 36 other territories, as a tax haven but Monaco came out of that list in 2009.<ref>{{cite web | url=https://www.latribune.fr/entreprises-finance/banques-finance/industrie-financiere/20090924trib000425657/paradis-fiscaux-monaco-retire-de-la-liste-grise-de-l-ocde-la-suisse-devrait-suivre.html | title=Paradis fiscaux: Monaco retiré de la liste grise de l'OCDE, la Suisse devrait suivre | date=24 September 2009 }}</ref><ref>{{Cite web |title=Huit pays disparaissent de la liste des paradis fiscaux |url=https://www.lecho.be/economie-politique/europe/economie/huit-pays-disparaissent-de-la-liste-des-paradis-fiscaux/9974841.html |access-date=2023-05-11 |website=lecho.be}}</ref><ref>{{cite web | url=https://taxation-customs.ec.europa.eu/common-eu-list-third-country-jurisdictions-tax-purposes_fr | title=Common EU list of third country jurisdictions for tax purposes }}</ref>

In June 2024, due to concerns about money laundering and terror financing, the FATF added Monaco to a list of countries "under increased monitoring." In a statement, the FATF said that the country needed to "address strategic deficiencies."<ref>{{cite web |title=Monaco added to money laundering 'gray list' |url=https://www.dw.com/en/monaco-added-to-money-laundering-gray-list/a-69507747 |website=Deutsche Welle |access-date=4 July 2024}}</ref>