Today, the Minister of State received the members of the Commission for the Control of Financial Activities (CCAF) for a working lunch. The CCAF was established by Act No. 1.338 of 7 September 2007 on financial activities. It is an independent administrative authority that is responsible for supervising the financial activities of the Monegasque financial sector.
The Commission is chaired by Jacques-Henri David and is comprised of nine members:
- seven members, including the President, chosen for their competence and appointed by Sovereign Ordinance for a period of five years (renewable);
- the President of the Monegasque Association for Financial Activities;
- the President of the Order of Chartered Accountants.
A magistrate and a Government Commissioner take part in the meetings of the Commission, but do not have the right to vote.
The Commission, completely independently and under the authority of its President:
- decides on requests for approval after examining them, and issues them;
- ensures the proper conduct of transactions carried out by authorised companies;
- receives and investigates claims submitted to it by any person who can demonstrate a legitimate interest;
- carries out checks for the purpose, if applicable, of stopping any irregularities found;
- imposes administrative sanctions;
- enters into cooperation agreements with its foreign counterparts.
For further information, see: http://www.ccaf.mc/fr/
