Legal Environment

2013-article-ordre-experts-comptablesThe financial statements of a firm or a group are a major part of its financial communication. But, the rules determining the presentation of these financial statements may vary whether they are international (International Financial Reporting Standards – IFRS) or local (e.g. US GAAP, French norms, UK GAAP etc…). Though, we could identify a global use of the IFRS in most of the industrialized and emerging countries, what about Monaco, a major financial platform, where accounting rules are not well known?

The Monegasque banking and financial marketplace, renowned for its conscientious approach and strict confidentiality, has adopted tough ‘know your customer’ legislation. The Act stipulates that the banks and other professionals covered by it must carry out customer checks.

2012 gafi smallSince February the Financial Action Task Force (FATF) has adopted 40 new recommendations. The aim of this review is to update and strengthen the framework of recommendations in response to the new dangers that threaten the international financial system. 

2012 securite-juridiqueAMCO, the Association Monégasque des Compliance Officers, was founded in 2000 under the auspices of the Monaco Bankers Association - which has since become the Monegasque Association for Financial Activities (Association Monégasque des Activités Financières - AMAF) - and the Department for Information and Control of Financial Circuits (Service d’Information et de Contrôle sur les Circuits Financiers - SICCFIN). The President of AMAF and the Director of SICCFIN are honorary members.

BF 2011-2012 p72-deontologie smallEthics concern more than the money markets. Compliance officers ensure that their banks or management companies offer unimpeachable services. Presentation.

BF 2011-2012 p70-deontologie smallEnsuring compliance with regulations, but also promoting the attractiveness and high quality of the financial market: these are the goals of the Commission.

BF 2011-2012 p68-legislation smallThe Service for Information and Control of Financial Circuits (SICCFIN) was founded 17 years ago, and its missions have been extended by the new law on the fight against money laundering, terrorist financing and corruption, voted in 2009.

BF 2011-2012 p40-conciliation smallConciliation, mediation and arbitration in financial disputes

Alternatives modes of settlement of disputes between banks and their clients could be an advantage for the development of the financial market.

BF 2010-2011 p34-prudentielles smallA corner stone of common law is that a person may broadly speaking leave his or her assets to whomever he or she wishes. Monaco, however is a civil law jurisdiction that applies the rules of forced heirship.

BF 2009-2010 p24-blanchiement smallFurther to the adoption by the Moneyval Committee of the Council of Europe in December 2007 of the report of the third joint evaluation round on the Principality, the Government engaged in a reflection with a view to creating a legal and regulatory framework even better suited to current requirements in the fields of the fight against money laundering and the financing of terrorism.

BF 2009-2010 p40-aides smallThe State of Monaco offers support to companies in three primary areas: funding innovation, promoting exports and assisting innovative companies that offer high levels of added value.