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Monaco Plans Makeover To Shed "Tax Haven" Image

MONACO (AFP)--Monaco has hired a trio of public relations experts to help the Mediterranean principality shed its image as an international tax haven, officials said on Monday.

A tiny territory home to the rich and famous, Monaco was removed from an Organization for Economic Cooperation and Development blacklist of financial centres in April. It remains on a Group of 20 "grey list," which it hopes to leave by the end of the year.

"The idea has been floating around for months but the decision was obvious after the G20 summit," said officials in Prince Albert II's administration.

"The principality has said it hopes to leave the grey list of tax havens by the start of 2010, that is when we need to be ready to change our reputation."

Polling expert Stephane Rozes, former journalist Jean-Luc Mano and advertising consultant Regis Lefebvre of the Young and Rubicam agency have been asked to devise Monaco's fiscally-virtuous new image.

Monaco has set aside EUR500,000 for research into the makeover, which will include asking a panel of international personalities "what Monaco should be."

The image campaign is to be launched in 2010 and last several years, with a budget expected to reach into the millions.

  (END) Dow Jones Newswires
  07-20-091300ET
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