Monaco and the European Union agreed on mutual introduction of automatic tax information exchange, the principality will share the information of the bank account holders to the national tax authority of their tax residence.
There are daily reports in the press on bank secrets being on their last legs; it is especially Swiss bank secrets that are often mentioned in this regard.
When you hear about bank secrecy, most people think right away of Hollywood films, spies or tax frauds, even though this could not be further from the truth.