Similarly, tourism accounts for close to 15% of the annual revenue, as the Principality of Monaco also has been a major center for tourism ever since the famed Monte Carlo Casino, which was established in 1856.
Twenty-two territories, including Monaco, were thus evaluated between 1998 and 2000 on a first round.
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.
Twenty-two territories, including Monaco, were thus evaluated between 1998 and 2000 on a first round.
Monaco is the only territory that refuses to perform the second round, initially forecast between 2001 and 2003, whereas the 21 other territories are implementing the third and last round, planned between 2005 and 2007. ==See also== Economy of Europe ==Notes== ==External links== Guardian article on tax havens, discussion of Monaco CIA World Factbook entry on Monaco Tax system of Monaco Monaco stubs Monaco
However, since 2003, the International Monetary Fund (IMF) has identified Monaco, along with 36 other territories, as a tax haven. The Council of Europe also decided to issue reports naming tax havens.
Monaco is the only territory that refuses to perform the second round, initially forecast between 2001 and 2003, whereas the 21 other territories are implementing the third and last round, planned between 2005 and 2007. ==See also== Economy of Europe ==Notes== ==External links== Guardian article on tax havens, discussion of Monaco CIA World Factbook entry on Monaco Tax system of Monaco Monaco stubs Monaco
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.
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.
Monaco is the only territory that refuses to perform the second round, initially forecast between 2001 and 2003, whereas the 21 other territories are implementing the third and last round, planned between 2005 and 2007. ==See also== Economy of Europe ==Notes== ==External links== Guardian article on tax havens, discussion of Monaco CIA World Factbook entry on Monaco Tax system of Monaco Monaco stubs Monaco
Monaco is the only territory that refuses to perform the second round, initially forecast between 2001 and 2003, whereas the 21 other territories are implementing the third and last round, planned between 2005 and 2007. ==See also== Economy of Europe ==Notes== ==External links== Guardian article on tax havens, discussion of Monaco CIA World Factbook entry on Monaco Tax system of Monaco Monaco stubs Monaco
The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. Though official economic statistics are not published, year 2011 estimates place the national product at $5.748 billion and the per capita income at $188,409.
The unemployment rate is 2%, as of 2012.[https://www.cia.gov/the-world-factbook/countries/monaco/] Living standards are high and roughly comparable to those in the prosperous French metropolitan areas.
Banking sector of Monaco is rather large: in 2015 consolidated banking assets 8.42 times exceeded the country's GDP.
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