2023 01 24 Rapport MoneyvalAfter reviewing the full contents of the MONEYVAL Report published earlier today (Monday 23 January 2023), the Princely Government fully endorses the recommendations put forward in this document. Furthermore, the State of Monaco is determined to rapidly implement these recommendations to align itself with the best international practices in relation to the fight against money laundering and the financing of terrorism. The Government also highlights that the Report congratulates the Monegasque authorities on progress already made and work undergone to deliver significant improvements on such issues.

2023 01 23 ACISince its creation in the Principality thirty years ago, ACI Monaco has been committed to promoting and giving life to the values upheld since 1955 by ACI FMA: the development of financial market activities, professional and friendly relations amongst stakeholders, compliance with ethical rules of the sector and above all, the promotion of financial training.

2023 01 21 IUMFew financial centers can claim to have navigated the repeated shocks of the last few years as well. Yet, the Monegasque financial center is in good health and nothing seems to be able to slow down its development.

2023 01 19 TempestThe term “financial education” is beginning to be used regularly in the Principality of Monaco by industry professionals and teachers to support regulators, whether with a view to ensuring the protection of savings or to enable the introduction of governance and compliance rules within institutions.

2023 01 17 GiacardiFollowing the Russian invasion of Ukraine, the Principality is, in accordance with its international commitments, applying the European Union sanctions which freeze the assets of individuals and organisations with links to the Kremlin. These complex sanctions impact both the individuals targeted and those with whom they have links.

2023 01 14 Arnaud ZABALDANOThe role of the CERC. The CERC is an advisory body commissioned by the Minister of State. It is made up of nine members (two government advisors, appointed as Chair and Vice-Chair of the CERC, two judges from the Court of First Instance and five individuals appointed by the Minister of State on account of their area of expertise). Its role is to review the audit reports produced by SICCFIN which highlight serious, repeated or systematic breaches attributable to an individual or organisation subject to such audits in violation of their due diligence obligations with regard to money laundering, terrorist financing and corruption. Following the proceedings, the CERC produces a report expressing an opinion on the alleged breaches and, where necessary, sends the Minister recommendations regarding sanctions, which can range from a warning to more severe penalties (a ban on conducting certain operations, a temporary suspension of functions, a temporary revocation of the right to operate and work permit, substantial monetary penalties, etc.).

2023 01 10 VDEFLaure CANAS DA SILVA, Head of Regulatory at Edmond de Rothschild Monaco, is also President of the recently created Monegasque Association for Sustainable Finance (AMFiD). A role of influence.

2023 01 10 CMSIn line with the European trend, the Principality of Monaco has established administrative authorities whose role is to assess breaches of certain financial laws committed by professionals and, when applicable, to propose or impose administrative sanctions. Those authorities include (i) the Audit Report Review Commission (“CERC”), created by Act N°1.462 of June 28, 2018 (for AML/CFT matters) and (ii) the Financial Activities Supervisory Commission (“CCAF”), created by Act N°1.338 of September 7, 2007 (for financial matters) but recently subject to reforms.

2023 01 10 Gerard Ohresser

On 13 December, the Edmond de Rothschild Monaco bank organised a conference on 2023 investment strategies. After having outlined the macroeconomic outlook, the heart of the matter was addressed. An opportunity to interview Mr. Gérard OHRESSER, Managing Director of Edmond de Rothschild Monaco.

2023 01 10 Silex

The blue economy is attracting increasing political and financial interest. The number of international summits integrating this issue is unprecedented. Last February, the World Ocean Summit organised in Brest (France) brought together over 30 countries, illustrating the awareness of the value of our common ocean heritage.

2023 01 05 CCINIn the world of data, data processing has become the ultimate sensitive subject, particularly when it comes to personal data. Agnès LEPAULMIER, Secretary-General of the CCIN, offers an update on how the Authority’s work is changing.

2023 01 03 Phoenix

In the era of digital transformation, supported by these two years of health crisis, Regulatory Compliance is being offered an unprecedented opportunity to become digital and thus an active player in the technological developments and innovations applicable to its functions. This is an essential turning point for the Principality and for all the institutions subject to the law.

2022 12 23 CMB Enfant FrankieIn the run-up to the festive season, CMB Monaco has decided to launch a vast operation to collect donations to support a Monegasque association dedicated to children. True to its values, Monaco's historic banking institution, which is concerned about the socially responsible dimension, especially at a time when the most vulnerable need support, sent an awareness letter to thousands of private and corporate contacts. It also mobilised all of its employees as part of an internal competition to donate a significant part of the costs associated with CMB Monaco's daily activities.

2022 12 22 SICCFINOn the effort to prevent money laundering, SICCFIN (Service d’Information et de Contrôle sur les Circuits Financiers) has been very busy with the MONEYVAL National Risk Assessment and the fallout from the conflict between Russia and Ukraine. We talk to Michel HUNAULT, the Director-General of the Principality’s anti-money laundering authority.

2022 12 21 GordonSBlairLaw 1.515 of 23rd December 2021, resulting from Bill 1.035 and amending law 1.338 of 7th September 2007 on financial activities in the Principality, came into force on 7th January 2022.

2022 12 21 CFM Musee OceanoThe renewal of the partnership with the Oceanographic Institute of Monaco demonstrates CFM Indosuez Wealth Management's desire to strengthen its commitment to protecting the oceans. Within the framework of this partnership, the Oceanographic Institute will continue to provide CFM Indosuez with its expertise in terms of blue economy and blue finance, in connection with the major challenges facing the oceans. The bank's clients will benefit from dedicated conferences and private visits to the Oceanographic Museum, and its employees will be able to take part in the projects carried out by the Oceanographic Institute as part of solidarity days.