We show that the interaction between a plasmonic and a magnetoplasmonic metallic nanodisk leads to the appearance of magneto-optical activity in the purely plasmonic disk induced by the magnetoplasmonic one. Moreover, at specific wavelengths the interaction cancels the net electromagnetic field at the magnetoplasmonic component, strongly reducing the magneto-optical activity of the whole system. The MO activity has a characteristic Fano spectral shape, and the resulting MO inhibition constitutes the magneto-optical counterpart of the electromagnetic induced transparency.