The Convention on financial collaboration definitively voted yesterday by the Chamber puts an end to the clash between Italy and San Marino on the tax issue: the document received only one vote against, that of Rocco Buttiglione, and is now awaiting publication in the Official Gazette after the green light previously obtained from the Senate.
But what does it consist of? "Effective collaboration on supervision in the banking, financial and insurance sectors, common commitment against money laundering, control of cross-border movements of cash and similar values".
These are the key passages of the text, which will improve the rather tense relations between the two countries, especially since San Marino had been blacklisted with significant burdens and bureaucratic burdens for commercial transactions and the Titan was seen by Italy as a golden refuge, and very easy to reach, for money to be subtracted from the claims of the Treasury.
Now all that is needed to ratify a definitive equivalence to non-EU countries is the approval of the so-called "Memorandum", on which Bank of Italy and the San Marino counterpart institution are working: at that point the banks based in San Marino will be able to operate in Italy like any other non-EU credit.
