News

On 5 December 2017, the Council of the European Union published lists of jurisdictions it deems non-cooperative on tax issues (the blacklist) and those which have committed to reform (the grey list).

To draw up these lists, the Council’s code of conduct group assessed 92 jurisdictions on the basis of three criteria: transparency, fair taxation and commitment to implementing the OECD’s measures to tackle base erosion and profit shifting (BEPS).

Monaco does not feature on either list as it complies with the three criteria cited.

2017 12 accord monetaire

A meeting of the Committee on Monetary Agreement between the European Union and Monaco was held yesterday in the Principality.

This meeting was chaired by Jean Castellini, Minister of Finance and Economy, and brought together, for the European Union, authorities from the French banking and financial sectors, the European Commission and the ECB.

SGBL announces the signing of an agreement with KBL European Private Bankers (KBL epb) on SGBL's acquisition of KBL Monaco Bank and KBL Richelieu Bank in France.

This acquisition will create a new Group, Compagnie Financière Richelieu, which will be 100% owned by the SGBL Group and which will include Banque Richelieu Monaco, Banque Richelieu France and Richelieu Gestion.

2017 10 cmb academie phylantropie

Compagnie Monégasque de Banque hosted on Tuesday 24 October 2017 the first session of the Philanthropy Academy at the Méridien hotel which is the Bank’s response to a growing demand from its clientele in this area.

The six-module course covers all the topics that a philanthropist needs to understand in order to embark on the adventure: evaluation criteria, vision, opportunities, resources and partners, in short, all the ingredients necessary for the success of his/her project.

On October 11 and 12, a Senegalese CENTIF delegation, SICCFIN's counterpart, came to Monaco for an "impregnation visit". The objective is to enable people from other Financial Intelligence Units (FIUs) to supplement their training and knowledge in the fight against money laundering and terrorist financing by meeting with their foreign counterparts.

Requests for visits to Monaco from other FIUs attest to the SICCFIN's peers recognition of the quality of the work done by its agents.

The AMAF (Monaco's Financial Activities Association) has, among many objectives, to make the Place better known to residents by showing them that they can find in the Principality, in the Finance branch, teams as competent as on other competing Places and with a real know-how.

To this end, the association wished to develop a series of conferences on the theme of individual management under mandate. The first of these was held on October 5th, with a variety of subjects, but all of them showing a real expertise.

The Fifth Round Mutual Evaluation Report on Andorra was adopted during the 54th Moneyval plenary meeting, held from 26 to 28 September at the Council of Europe in Strasbourg.

The Principality, represented by Romain Bugnicourt (SICCFIN), was part of the evaluation team in its capacity as a peer country, alongside France, Romania and the Isle of Man.

Amendment No. 22 to the Monegasque Collective Labor Agreement for Banks Employees was signed on 7 July 2017 between the Monegasque Association of Financial Activities (AMAF), represented by MM. E. FRANZI, President and T. GARDE, Vice-President of Social Affairs, duly mandated by the General Assembly of 12 December 2016 and the Union of Banks Graduate Employees and Executives (SEGCB), represented by MM. P-F CRESPI, Secretary General and P. DE PORTU, Adviser, and Mrs A-M. PELAZZA, Adviser, duly authorized by the General Meeting of 2 February 2017.

It refers to the updating of the fixed-term employment contract (CDD) provisions and the addition of a new article on grant days for the benefit of an employee whose spouse, child or parent is seriously ill.