2019 10 michel hunault siccfin

Michel Hunault, Director of the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN), Monaco’s financial investigation unit, and Lia Umans, an external consultant, took part in the Financial Action Task Force (FATF) session at the OECD due to the Principality’s participation in MONEYVAL.

The session provides an opportunity for discussions with global institutions (IMF, World Bank, etc.), the Egmont Group and other financial investigation units.

The plenary sessions and mutual evaluations conducted between states allow for the sharing of best practices in applying the FATF recommendations on combatting money laundering and terrorist financing.

They also give the Principality a chance to confirm, through its participation, the country’s determination to apply the leading international standards on preventing such activities with a view to forthcoming international evaluations.

2019 10 subran

On Wednesday 16 October, around 100 people attended a talk given by Ludovic Subran in the Café de Paris’ Salon Bellevue, as he shared his opinion on a thorny subject, the consequences of which are already being felt and could become a major issue.

For the seventh year in a row Ludovic Subran, Chief Economist at Euler Hermes and recently of the Allianz Group, European insurance and financial services leader, treated Monaco Economic Board members to entertaining insights at a talk organised in partnership with Monaco Asset Management and Monaco’s Junior Chamber of Commerce.

The economist started by unpicking the global slowdown, based on indicators such as industrial production, trade volumes and import figures of major economies.

The central banks response, and to avoid recession in some countries, has been to implement stimulus policies by lowering interest rates, particularly in Europe where growth is notoriously sluggish; a windfall for individuals and companies who want to invest, and states taking advantage to borrow for political reasons.

But the economist warns this policy is not without consequences, like the impact on supplementary pension schemes as it may encourage life insurance companies and pension funds to take more risks, lower profits for banks, etc. Especially as recovery does not appear to be on the horizon, according to Ludovic Subran who is not convinced by talk of growth with the arrival of 5G and artificial intelligence. A “Japanisation” of the economy therefore to which Europe may have to adapt if investors start to turn away from the continent.

Questioned at the end of his talk on the Monegasque situation given the context, the Allianz Group’s Chief Economist had some advice: diversify investments to the maximum and invest in real estate now and more generally in the long term. And thanks to his mastery of sophisticated financial products, Ludovic Subran confirmed that the Principality has a card to play in promoting ethical products linked to social and environmental commitments.

2019 10 dej ministre etat

To mark the appointment of the members of the Data Protection Authority of Monaco (CCIN), Serge Telle held a lunch to which ministers in the Prince’s Government were invited.

The lunch provided an opportunity to discuss forthcoming changes to Monegasque legislation on the protection of personal data that will bring domestic law into line with the highest standards now applied in Europe.

In this respect, the Chair of the CCIN was keen to emphasise the faultless cooperation between government departments and the Authority during preparatory work to draft a bill designed to introduce structural changes to current legislation.

This joint work, which was begun nearly two years ago, has facilitated a useful exchange of views and experiences, helping to ensure that future Monegasque legislation will, of course, protect fundamental rights and freedoms, and also take account of aspects that are specific to the Principality.

Discussions also focused on the process of getting European authorities to recognise that Monegasque law is sufficiently consistent with the General Data Protection Regulation, which has been in force throughout the European Union for more than a year.

ACI, The Financial Markets Association was created in 1955, to bring together professionals in the financial markets. It is the only financial association made up of individuals (more than 9000 members, including 87 in Monaco) and not professional entities. Present in the Principality since 1991, ACI mainly develops a Free Training activity related to the field of Finance, provided by professionals of the Place.

During this 3rd breakfast, Robert Laure, President, and Sophie Gest, Vice-President of the Association, detailed the training activity: 17 courses last year, 430 participants of which 83% are professionals of the Finance, not counting students from schools and institutes of higher learning, employees of Management Companies, Family Offices, and a number of employees of companies in various sectors.

Robert Laure concludes this breakfast by announcing, for March 2020, a closing dinner of the 2019/2020 training cycle on the theme of risks and Socially Responsible Investment.

CFM Indosuez Wealth Management has been named Best Bank in Monaco by Global Finance magazine for the third year running. The ranking covers over 149 countries around the world and recognises excellence in client service quality in highly volatile markets, and the publication of solid results while building a basis for sustainable growth. For its 2019 ranking, Global Finance focused on banks’ ability to take the lead in adopting the latest banking technology to transform their institutions into banks of the future.

The Board of Directors of CMB, chaired by Mr Etienne Franzi, has today appointed Mr Francesco Grosoli as Chief Executive Officer of the Bank, starting from 15 May 2019.

Mr Grosoli, aged 52, is an Italian citizen with consolidated international experience in private banking in outstanding institutions such as Barclays, HSBC and BSI. Mr Grosoli is well acquainted with the banking sector in Monaco, where he has lived since 1975, and has held a series of significant roles such as Head of HSBC Private Banking until 2007. In Barclays he has held positions of increasing responsibility, having most recently served as CEO of Barclays Private Bank EMEA and Monaco.

The appointment of Mr Grosoli is intended to promote significant growth by CMB and increased co-operation with the Mediobanca CIB division and AM platform as part of the increasing importance of Wealth Management activities within the Group as a whole.

CMB’s Board of Directors would like to place on record its thanks to CEO Werner Peyer for his work since 2010. Mr Peyer will continue to work for CMB as a non-executive Vice President.

The 3rd Sohn Monaco Investment Conference will be held on Thursday 6 June 2019 at the Monaco Yacht Club, under the High Patronage of H.S.H. Prince Albert II of Monaco. It will convene Europe’s leading hedge fund managers to present their most compelling investment ideas while raising critical funds to support the treatment and cure of pediatric cancer.

The Sohn Investment Conference honors the memory of Ira Sohn, a Wall Street professional who lost his battle with cancer at age 29. Since its creation in 1995, The Sohn Investment Conference has gathered the global financial industry for an exhilarating day of highly-anticipated market insights from the world's top investors. Through its Conferences, now in 11 cities across five continents, The Sohn Conference Foundation has inspired more than $85 million of charitable giving from the financial community.

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The Monaco Economic Board (MEB), Banque Populaire Méditerranée and Gramaglia Assurances organized a new conference "Country Risk: Analysis and Business Opportunities" led by Julien Marcilly, Chief Economist of Coface.

After taking stock of 2018, the year in which the economy underwent a general slowdown, Julien Marcilly underlines that capital has tended to take refuge in developed countries even though Italy has been affected by some investor mistrust.
This year of European elections highlights the political uncertainties hovering over the continent: skepticism towards institutions, Brexit but also pessimism. The indirect effects of environmental protectionism and the US-China trade war are expected to be particularly felt in 2019.

As for the developing countries, the risk weighs especially on those whose economy is turned to the outside as Turkey, Chile, some Eastern European countries or Africa where the tensions rise.

In conclusion, despite the uncertainties that weigh on 2019, Coface has improved the rating of 9 countries for a single degradation. Sign that the resilience capacity of the global economy is still conceivable.