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At an institutional seminar on the financial markets around a hundred professionals from all over the world, Minister of Finance and Economy Jean Castellini today gave a presentation on the Principality and the unique features which make it an economically appealing country with an attractive financial sector. “The Monegasque economy is based on an exemplary model, where the security and stability of the environment are synonymous with confidence for residents and international investors who contribute to the growth and sustainability of the economic model and, ultimately, to balanced public finances.”
Crédit photo : Manuel Vitali
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In partnership with UNIDO (The United Nations Industrial Development Organization), FEMOZA (World Free & Special Economic Zones Federation) will be organizing the SU-MEET: World Free & Special Economic Zones Summit in Monaco, on 13th-15th November 2019.
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Minister of Finance and Economy Jean Castellini mid-october chaired a meeting of the Joint Committee on the Monetary Agreement between the European Union and Monaco, which was held in the Principality.
The European Union delegation comprised representatives from the French banking and financial sector authorities, the European Commission and the European Central Bank.
Discussions at the meeting focused on the 2020 programme for minting Monegasque coins, updates to European legislation on banking and financial regulation, the prevention of money laundering, fraud and counterfeiting of the means of payment listed in the annexes to the Monetary Agreement, and recent developments in draft European banking regulations. There was also an update on the provisions in place in the Principality to combat money laundering and terrorist financing, and on progress in concluding an association agreement with the European Union.
The meeting took place in the same atmosphere of constructive dialogue that has prevailed since the Monetary Agreement was signed in 2001.
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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.
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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.
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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.
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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.
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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.
