Legal Environment
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- Category: Legal Environment
Following a career with Deloitte Luxembourg, Sébastien Prat established and led Deloitte in Monaco for four years. In 2018, he founded Phoenix Consulting Monaco, a management and strategy consultancy firm, and two years later he created Equilateral.io, a RegTech subsidiary of Phoenix Consulting. The aim is to support clients with digital solutions. Sébastien, who is also Secretary-General for the Association of Compliance Officers of Monaco (AMCO), answered our questions about the National Risk Assessment (NRA).
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On April 30, 2021, a bill was submitted to the National Council to amend law No. 1.338 of September 7, 2007 laying the foundations for the regulation of financial activities in Monaco.
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In the presence of H.S.H. Prince Albert II, Mr. Jean CASTELLINI, Government Counsellor - Minister of Finance and Economy, and H.E. Mr. Mohamed Bin Hadi AL HUSSAINI, Minister of State for Financial Affairs of the United Arab Emirates, signed on November 13, 2021, a bilateral tax treaty with the United Arab Emirates. Mohamed Bin Hadi AL HUSSAINI, Minister of State for Financial Affairs of the United Arab Emirates, signed on November 13, 2021, during the Monegasque National Day at the Dubai World Expo, a bilateral tax treaty for the elimination of double taxation on income and the prevention of fiscal evasion and fraud.
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GRECO (Council of Europe Group of States against Corruption) welcomes the "seriousness" and "strong political will" of Monaco in preventing corruption of parliamentarians, judges and prosecutors.
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On Monday 19th July 2021, in the Grand Hall of the Ministry of State, Mr Patrice CELLARIO, Government Councillor-Minister of the Interior and Mr Etienne FRANZI, President of the Association Monégasque des Activités Financières (AMAF), formalised the creation of the Vigibanque Committee, reinforcing the already long-standing partnership between the 30 Monegasque banks and the Public Security.
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On 23 July, Mr Michel HUNAULT, Director of the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN), and his Luxembourg counterpart, Mr Claude MARX, Director of the Commission de Surveillance du Secteur Financier (CSSF), ratified a cooperation agreement in order to reinforce the effectiveness of the fight against money laundering and terrorist financing.
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On Monday 5th July, under the chairmanship of the Government Councillor-Minister of the Department of Finance and the Economy, Mr Jean CASTELLINI, a protocol was signed at the Ministry of State with the aim of organising and modernising the control missions carried out by SICCFIN's inspection teams within financial institutions.
Mr Etienne FRANZI, Chairman of the AMAF, and Mr Michel HUNAULT, Director of SICCFIN, therefore ratified the protocol.
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At the initiative of Mr. Michel Hunault, Director of SICCFIN and head of the Monegasque delegation to the MONEYVAL committee, an update on the work of Monaco's National Risk Assessment (NRA2) was held on 15 April 2021 at the Grimaldi Forum. in the presence of Messrs. Jean Castellini, Minister of Finance and Economy, Stéphane Valeri, President of the National Council, and Robert Gelli, Secretary of Justice, among others.
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Hervé Ordioni, Managing Director of Banque Edmond de Rothschild in Monaco and Chairman of the "Promotion of the Monaco Financial Place" Commission of the Association Monégasque des Activités Financières (AMAF), takes stock of everything that the Principality of Monaco is actively doing to comply with European standards in the fight against money laundering and terrorist financing.
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Mme Agnès LEPAULMIER is Secretary General of the CCIN (Commission de Contrôle des Informations Nominatives - the Monaco authority responsible for protecting personal data). We met with her because the CCIN has many work meetings with the AMAF, covering a wide range of issues.
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The Commission for the Control of Financial Activities (CCAF) is responsible for overseeing the financial activities of the Monaco financial industry. Composed of at least seven members, chosen for their expertise and appointed by sovereign ordinance for five years, it also includes the Chairman of the Monaco Association for Financial Activities (AMAF) and the Chairman of the Monaco Order of Accountants (OECM). We met with the Secretary General of the Commission, Ms Magali VERCESI.
