The 60-square-kilometre (24-square-mile) enclave on the northeastern side of the Apennine Mountains was a fiscal paradise until 2014, when it signed agreements on the automatic exchange of financial information.
   
The Italian judicial inquiry, looking at the period from 2009 to 2014, has identified “58,841 persons, including 26,953 Italians and 31,888 inhabitants of San Marino or residents overseas who have carried out financial operations between Italy and San Marino, in both directions, for more than €33 billion,” the investigation's statement said.

The first results of the inquiry indicate that “more than €850 million in revenue had been hidden from tax authorities while VAT fraud exceeded more than €153 million,” the statement said.