Romain Bugnicourt, Head of Section at SICCFIN, member of the evaluation team of the Fifth cycle of Andorra. Photo: SICCFIN
The Mutual Evaluation Report of the Fifth Cycle of Andorra was adopted at the 54th Plenary Assembly of Moneyval, which took place from September 26 to 28 at the Council of Europe in Strasbourg.
The Principality, represented by Romain Bugnicourt of SICCFIN (Financial Circuits Information and Control Department), Monaco’s financial compliance chief, was part of the evaluation team, alongside representatives of France, Romania and the Isle of Man.
Moneyval, a regional body of the Financial Action Task Force (FATF), assesses its member countries’ compliance with international anti-money laundering and counter-terrorist financing according to AML/CFT standards.
For the fifth cycle, the evaluation focuses on the effectiveness of each country’s system.
The Andorra assessment involved a technical analysis of regulations, followed by a fifteen-day on-site visit where all the public and private players of the AML/CFT system were met – banks, law firms and lawyers, management companies, supervisors, prosecutors, judges, police officers, and others – and several meetings were held in Strasbourg.
Antonio Cecere, founder and Vice-President of Monaco Diamond Exchange, speaking in St Petersburg at the WealthPro Russia 2017
Antonio Cecere, Founder and Vice-President of Monaco Diamond Exchange, spoke recently in St Petersburg at the WealthPro Russia 2017 to an audience of 300 delegates from the leading regions of the Russian Federation and other countries of CIS, EU, Middle East and Asia.
Introduced by moderator Maxim Simonov, Mr Cecere discussed on September 26 the state of the diamond industry today and set out to demonstrate how, due to macroeconomics, decreasing limited supply, increasing demand and the evolution of the sector, diamonds are a mid- to long-term investment with a positive outlook.
The principal of Cecere Monaco described diamonds as alternative investment and stated: “Diamonds’ ability as an investment is traditionally that to retain, relocate and pass on wealth; this is facilitated by taxation, the high concentration of value per gram, their role as consumer products and advantage as untraceable physical asset.”
Cecere explained how the global demand of rough-diamond in the next 15 years is forecasted to grow at an average annual rate of about 3 percent to 4 percent, and the supply is projected to decline by 1 percent to 2 percent, causing the gap between supply and demand to widen starting in 2019. He said: “We expect demand for rough diamonds to recover from the recent downturn and return to its long-term growth trajectory relying on strong fundamentals in the US and the continued growth of the middle class in India and China.”
Mr Cecere proceeded to discuss the merits of fancy colour diamonds and said: “Fancy Colour Diamonds are a hard asset that can hedge against inflation and the devaluation of paper money with low correlation to other asset classes and almost zero correlation to equities. Prices have had an uninterrupted upward trajectory and continuous appreciation for over five decades – historical CAGR across colours/size over 70 years is approximately 12 percent.”
He explained that fancy colour diamonds are identified as stable and high growth alternative asset class against a backdrop of global market volatility. Fancy colour diamonds, across pinks, yellows and blues, have increased in value by 167 percent on average since January 2005, outperforming other leading asset indices in a similar period, for example, the Dow Jones Industrial Average has increased 58 percent, and Standard & Poor’s 500 has increased 63 percent and London house prices have increased 82.1 percent.
Also presenting at the seminar was Dr Alexander Lins, professor of Law at University of Liechtenstein and advisor to the Liechtenstein Government, who was recently involved in the Tax Treaty with Austria and discussed at the conference the merit of Liechtensteins as an International Financial Centre.
WealthPro Russia 2017 is the first of a number of talks held this autumn in the region on the topic of wealth management and it will be followed by the InvestPro Kazakhstan to be held in Almaty on October 25-26.
ML: How did you end up in Monaco? DB: I grew up in Berlin, back when the Wall served as the horizon. It was there that I met my husband Thierry Boutsen and we moved to Monaco together.
ML: When did you start Boutsen Design? DB: Ever since I was little, I’ve always loved design and exquisite objects. During art school I discovered a passion for fine tableware during an apprenticeship at the renowned porcelain manufacturer KPM in my native Berlin. Later in life I joined my husband’s company Boutsen Aviation, which specialises in selling business jets, and when a client commissioned me to outfit the entire interior of his aircraft, Bousten Design came to be in 2012. I knew this is where I could put my love of design to good use.
Thierry and I don’t work together; we are in the same industry and obviously collaborate, but our offices and teams are apart.
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ML: How do you define luxury? DB: Luxury is a question of point of view. Sometime it’s working with beautiful handcrafted pieces and prestigious projects and sometimes it is just about spending time with family.
ML: Can you talk about your clientele and recent projects? DB: We have a varied clientele with highly sophisticated tastes. As far as recent projects, I’m very happy to talk about the exiting collaborations I have coming up for the Monaco Yacht Show, such as bringing together under one roof the president of Boeing Business Aviation, Gregory Laxton, and Linda Pinto of Alberto Pinto Design to showcase our House of Excellence.
We are highlighting our achievements in the Aviation Industry that has naturally also extended into Yachting and Residential projects. In this way, we can advise our clients on their different projects with one seamless experience.
ML: Is designing an aircraft similar to designing a yacht? DB: We specialise in the decorating process that compliments the interior design. Doing an aircraft is the master category because of the diligence of respecting technical issues and it requires a high knowledge about air safety regulations and also about dealing with extremely small spaces. Yachts are easier, but we still have to consider the placement aspect and sea fastenings. Residences are a breeze!
ML: What is the 4D concept? DB: This refers to the pillars by which we can seamlessly manage and execute our bespoke services: Discover, Develop, Design, and Deliver.
ML: What are some of the current design trends you see? DB: Lately I must say people are going for more traditional and classic styles, back to pieces and brands that have royal and empire style with history and lots of craftsmanship and details.
That’s why I am very exited to bring ODIOT to present at the Monaco Yacht Show this year. They are the perfect example of a brand with history; it’s exiting and an honour to work with brands that had commissions by Napoleon and the courts of Europe.
ML: Can someone develop an eye for design, or is it natural instinct? DB: I think it can be both. But, for sure, there has to be a natural instinct to be able to do it well. One can learn what the famous or trendy brands are, but to bring it together there has to be a natural affinity.
ML: You host a breakfast during the Monaco Yacht Show. Do you do this every year? DB: Indeed, it’s becoming a tradition! We do a breakfast everyday in our showroom as we find it is a great opportunity to host our clientele during these important days in the Yachting world and for them to discover the exclusive collaborations we have. Key representatives from such brands as Atelier Swarovski come to present their most important pieces. It provides an opportunity to see design pieces only available to a VIP clientele.
ML: How did you become involved with the Gustavia Yacht Club in St Barts? DB: First let me say that the recent natural disaster that caused so much devastation in the area was completely disheartening. I am joining Stelios’ efforts for St Barts and will have collection boxes at Boutsen Design events during the Monaco Yacht Show. All the donations will go towards helping people in the area. They will need it.
I love St Barts, I am a big fan. It came naturally as Sir Stelios Haji-Ioannou is the commodore at Gustavia and when I was asked to become a member I jumped at the opportunity because of the connection I feel between Monaco and St Barts.
ML: What’s the hardest part of running your own business? DB: It’s a question of being very well organised to run a good company and have a family life. It’s not hard because I love it.
ML: What is this advantage and disadvantage of being a woman in business? DB: I strongly believe that we should no longer make a distinction; there are challenges in any business both for women and men.
ML: What is the one app you cannot live without? DB: My iCloud family calendar with my husband Thierry. It keeps us on the same page.
ML: You work in the world of luxury. What is luxury to you? DB: Time with my family at home.
The buzz around town during the now-concluded Monaco Yacht Show was centered on My Yacht Group and its hotly anticipated reception in partnership with Bvlgari aboard the Class I Icebreaker, M/Y Legend.
The evening did not disappoint. A curated guest list of international and local superyacht owners and users, plus select Monaco residents, renowned industrialists, Olympians, F1 drivers, artists, and more mingled aboard while several production elements elevated the party above the usual MYS broker-laden affair.
Twelve models, brought in especially from Milan, and bedecked in stunning high jewellery pieces and watches valued in excess of €25 million, danced a “Carnivale” style fashion show through the yacht, led by strolling band Odd Socks International, with a finale on the helideck, surrounded by guests.
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
Photo: My Yacht® Group
In additional to Bvlgari, longtime partner Vontobel joined once again with Board executives and top clients, as well as the Bermuda Business Development Agency with a government delegation and VIP guests in attendance, plus the Commodore and Board members of the Gustavia Yacht Club.
Vast amounts of Perrier-Jouet Belle Epoque Rosé, Titomirov Vodka (alkaline vodka), plus double magnums of 3 types of Chateau d’Escians rosé (Whispering Angel, Les Clans, Garrus), plus a Perlita Caviar station, kept guests in a festive mood.
Presented at the show by IYC, the SOLAS compliant 78m, 3,000 tonne M/Y Legend attracted an inordinate amount of attention thanks to its unique layout and capabilities. Winner of the “Best Rebuilt Yacht” at the 2017 World Superyacht Awards, it sleeps 26 guests in 13 cabins including an owner’s suite on a private deck, a 16-person waterfall-fed Jacuzzi, plus a three-man submarine, a 14-seater cinema, Balinese spa, numerous water toys, and helideck.
Raising both awareness and funds, a portion of proceeds from the evening benefitted MYG’s longtime charitable partner, Prince Albert II of Monaco Foundation.
Learn more here about the Foundation’s works dedicated to the preservation of the environment and the promotion of sustainable development.
The next three weekends see My Yacht® Group produce its sophisticated superyacht events in San Francisco for Fleet Week, in Los Angeles, and in Austin, with its Monaco-style ‘pop-up’ nightclub, at the USA F1™ weekend.
On Wednesday at the Hotel Metropole Monte Carlo, Pink Ribbon Monaco held a cocktail and a short presentation to recount last year’s initiatives, progress made at the CHPG, and news regarding recent developments in breast cancer treatment, screening and prevention at the hospital, at the start of Breast Cancer Awareness Month in Monaco.
As the 50 guests left the venue, the Prince’s Palace of Monaco, the National Council building, the Monte Carlo Casino, the Yacht Club and the Hotel Metropole Monte Carlo were illuminated in pink lights, in a gesture of support to victims of breast cancer and to promote awareness of the disease.
Palais Princier. Photo: Monaco Life
For the seventh consecutive year, October 4 marks the beginning of breast cancer awareness month in the Principality, and across the world, joining forces with over 200 cities and 40 countries.
In continuation of the event and Breast Cancer Awareness Month, the Hotel Metropole will extend its support of Pink Ribbon Monaco throughout October with an ephemeral atmosphere – pink decorations, floral arrangements, menu items, and illuminations – spread throughout the establishment.
Natasha Frost, Carine Noaro and Creina Nicholls run Pink Ribbon Monaco, to support cancer prevention through healthy lifestyles, creating awareness of the disease, and promoting early detection through various screening methods.
As Ms Frost commented to the attendees, which included Didier Gamerdinger, Minister of Health and Social Affairs, “We salute those battling the disease. We are here to share our love and as a team we are a strong, united entity.”
She concluded by saying, “When you step outside tonight as you leave the event, remember that pink is the colour of strength, courage and hope.”
Natasha Frost, Pink Ribbon Monaco. Photo Monaco Life
Photo Monaco Life
Pink Ribbon Monaco 2017. Photo Monaco Life
Hotel Metropole: Photo: Monaco Life
Photo Monaco Life
Photo Monaco Life
Photo Monaco Life
Photo Monaco Life
Photo Monaco Life
Casino Monte Carlo: Photo: Monaco Life
Palais Princier. Photo: Monaco Life
Funds collected will go to the Princess Grace Hospital Screening Centre and help with future campaigns. Pink Ribbon Monaco works alongside the association Ecoute Cancer Réconfort (ECR), founded in 1992, under the Honorary Presidency of HSH Princess Stéphanie.
ECR members and volunteers ensure cancer sufferers and their families are “able to find the support – both psychological and financial – they need”. The also run a wellness centre, organise charity events and arrange hospital visits.
Monaco’s Princess Grace Hospital has one of the best digital mammography sensors in the world, a state-of-the-art technology that optimises early detection of breast cancer, as well as reducing the amount of radiation necessary for diagnosis.
I absolutely love food and, for me, travelling provides the opportunity to explore new flavours, even if I tend to eat a little more than what I need.
When I was younger I used to try and make up for my summer indulgences by going on a fall fitness craze. Over time, I realised that this is only a short-term fix.
80% of the way we look and feel is down to our diet and lifestyle. 20% is exercise.
This is hard to hear, especially if you’re training your butt off and believe me, it’s not the best motto for my business as a Pilates teacher … but it’s true.
The idea that you’ll “just burn it off at the gym” might be a post-summer quick fix but sooner or later you’ll have to address the reasons why your body is holding onto unwanted weight. And that starts with reviewing your diet and your lifestyle.
What you eat most of the time is more important than what you eat some of the time.
Overindulging a little during the summer – that extra glass (or two!) of rosé – is perfectly normal, as long as you get back to your routine when you return home.
This is difficult because our bodies keep nudging us for any of the bad habits we might have picked up on holiday. Sugar is addictive as is alcohol (also sugar) so as long as we keep consuming them, our bodies will keep asking for them.
This is why my back-to-reality strategy is always to cut out the crap completely by going on a detox. This is the only way to get rid of all the toxins that have hijacked my taste buds and make me crave sugar, and to kickstart my hankering for healthy food again.
And this is why I want to share what a good detox should look like if you want to clean out your system, kick your cravings in the teeth and fire up your metabolism so it starts burning fat again.
Stocking up for a detox The good news is that unlike most detoxes, the ones I recommend don’t involve starving yourself or relying on juices, powder or pills. Mine involve eating REAL FOODS that have been chosen specifically for their antioxidant power, their ability to reduce inflammation, boost your energy levels and start burning fat.
My favorite place to buy organic produce is at the Condamine market, specifically the few small producers under the arcades. Their fruits and vegetables have noticeably more flavour than anything you’ll find in the supermarket.
Anything I can’t find at the market, I duck down to the organic supermarket. Solis Bio (7 & 9 rue Terrazzani) has a good range of produce (especially mid-morning), and this is also where I buy my coconut oil, nuts, seeds and other fun things like Tempeh and the occasional Kombucha.
I visited the new To Be organic shop at 31 ave Princesse Grace, but more on that next time.
Maddywell’sDetox Tips
Eliminate processed foods.
Despite their shiny labels and smart marketing messages, most processed foods have been stripped of their nutrients and the added preservatives, colourings and artificial flavourings will only create a “toxic hunger” leaving you craving for more. Removing these from your diet completely is an essential step in helping your body detoxify and start burning fat.
Eat more vegetables: It’s not sexy but it works.
Vegetables are full of the fiber, vitamins and nutrients that our bodies were designed to digest, unlike multivitamins capsules. Eat a rainbow of veggies, preferably organic and in season – currently courgettes, aubergines, artichokes, spinach and celery.
Detox lunch grilled aubergine miso salad with quinoa
Give up inflammatory foods – even temporarily.
We’ve all got that one friend who has stopped eating gluten or dairy and feels amazing. I’m one of them and you could be too. Gluten and dairy are the most likely to cause digestive issues and to mess with your hunger hormones. By removing them from your diet for 10 days, you’ll notice a clear difference in how you feel, how hungry you are and increase your body’s ability to burn fat. After 10 days, you can decide for yourself if they’re best to avoid. It’s worth a try, I promise.
Quit sugar. Sugar is the silent killer of our times and it’s considered to be more addictive than heroin, although most of us don’t realise we’re hooked on the stuff. Sugar triggers a reaction in our brain’s “pleasure centre”, causing a surge in our blood sugar levels and the release of insulin. Insulin is your “fat storage” hormone so it’s worth keeping this little guy in check. As mentioned above, there is no better way to kick your sugar cravings in the teeth than to give it up completely.
Eat more fat!
For years we were told that eating fat makes us fat. Not true. Eating fat is essential for our health and helps with nutrient absorption, keeping us satiated and burning fat. Include healthy fats at every meal in the form of nuts, coconut oil, seeds, avocados or olive oil, for example.
Up your water intake. It may seem like a no-brainer but most of us aren’t getting enough water and this can affect your hunger levels, as well as your body’s ability to burn fat. The amount you need will vary according to your size, the amount of exercise you do and the climate where you live but as a general rule 1.5 litres of water is an absolute minimum for an adult. In summer, I tend to drink over 2 litres and I’m a small frame but I do exercise quite a bit.
Shut eye. Sleep and relaxation are the new exercise. No, I promise. More and more studies are pointing towards the fact that stress makes us fat because it releases cortisol and other stress hormones, which typically result in inflammation and fat storage. You can improve the quality of your sleep by setting a “no screen” time a couple of hours before you go to bed. Read a book instead.
Article first published September 12, 2017.Maddy is the Founder of Nutrition For Naughty People, aimed at helping individuals find a better balance between the things that keep them healthy and the things that make them happy! Any questions? mk@nutritionfornaughtypeople.com. (Feature image: @viktoriakhatib)
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