Impact of Italian tax amnesty

Italians are still important clients for Monaco's financial industry.

By the end of December 2009, Italy's tax amnesty had harvested around 80 bn euros of an estimated 500 bn euros undeclared funds held by Italians outside the country. The 3 month amnesty has been extended to the end of April, and has provoked frosty relations with Switzerland, where many Swiss banks have been affected.

Italians represent between 40% and 60% of clients in Monaco's financial industry according to Etienne Franzi, president of the Association Monegasque des Activites Financieres (AMAF) [1]. Franzi reports that the impact of the amnesty on the Principality has been relatively low, at 3.44 bn euros.

Tax amnesty: an impact of more than 3 bn euros [2]