The identification of the beneficial owner is one of the cornerstones of contemporary anti-money laundering architecture. Gradually introduced internationally under the impetus of the FATF, this requirement has taken different forms in different jurisdictions, reflecting the degree of integration into global markets and regulatory pressure. A comparison between Italy and Monaco reveals not only a chronological difference, but also a different trajectory of adaptation: on the

Trusts, from English law to the international model

Double taxation, different inheritance taxes, reporting obligations, and taxation of real estate capital gains