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Month: May 2023

Moneyval report: Monaco businesses reminded of obligation to report to government  

by: Cassandra Tanti
25/05/2023

Businesses in Monaco are reminded to register all ‘beneficial owners’ of their companies with the government or risk legal action. The move is part of Monaco’s commitment to meet the EU’s anti-money laundering requirements.

In its assessment report published on 23rd January, Moneyval, the Council of Europe’s anti-money laundering body, asked the government to submit a list of the names of all the people listed as bénéficiaire effectif, or beneficial owners, in Monaco.

As a result, the Prince’s Government is undertaking a national action plan including the gathering of information from local businesses, which is being followed up by reminders to the companies concerned.

Such a reminder was issued on Thursday 25th May.

“If a commercial company registered in the trade and industry directory is still not up to date with its declarations of beneficial owners, they are invited to contact the Economic Development Department as soon as possible,” said the government in a public statement.

If the information required is not provided to the government, the Tribunal de première instance will be asked to intervene with a view to issuing an injunction to do so.

Who are the beneficial owners?

A beneficial owner (bénéficiaire effectif) ultimately holds, directly or indirectly, at least 25% of the company’s capital or voting rights; they effectively exercise a power of control over the company by any other means, for example, they can appoint or dismiss the majority of the members of the management bodies; or it is the person or persons who legally represent the company, for example, the manager, managing director, etc.

How to declare the beneficial owners of the company?

The registration of beneficial owners must be made to the Department of Economic Development. It is carried out using a dedicated declaration form accompanied by all the supporting documents needed to establish the accuracy of the information provided.

The forms and methods of registration, which is free, are available on the website of the Prince’s Government on the following link: https://monentreprise.gouv.mc

 

SEE ALSO:

National Council wants government to speed up legal texts on money laundering

 

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Corsica, Sardinia, Elba, the Balearics: the destinations just a ferry trip away

by: Elsa Carpenter
25/05/2023

With the summer holidays are fast approaching, why not swap the airplane for a ferry and visit some of these beautiful Mediterranean islands with your family and even pet in tow! 

The countdown is on for the end of the school year. The holiday options are endless from the south of France, home to France’s second biggest airport in the form of Nice Côte d’Azur Aéroport, but have you considered taking a ferry across the sea to Corsica, Sardinia or even Majorca? 

Nice, Toulon, Savona are the main ferry ports in this stretch of the Mediterranean. From these three hubs, as many as 50 crossings are available this summer and this form of transport can be a lot cheaper – from €79 per person, one way – and much more relaxing than flying, especially if you’re travelling with children.  

Island hopping 

First up on the list is Corsica. On a clear day and with the right weather conditions, the mountains of this French island can be glimpsed from the French Riviera. From Nice or Toulon, you can catch a ferry to Bastia and Ile Rousse on the northern coast, Ajaccio on the western edge of the isle and Porto Vecchio in the south-east.  

ferry corsica sardinia
Tour de la Parata near Ajaccio in western Corsica. Photo: Laurianne L’Anglais

From there, Sardinia is within touching distance thanks to connecting ferries to the ports of Olbia and Porto Torres from Porto Vecchio and Ajaccio (Porto Torres only). You can easily reach Sardinia from the French mainland too. 

The picturesque island of Elba is also accessible by ferry, although you’d have to pass through the Corsican port of Bastia or Piombino, just to the south of Livorno on the Italian coast.  

If anything is going to tempt you into trying the ferry for the first time, the ease of island hopping through these stunning destinations has got to do it.  

But yet another reason could be the route to Spain’s celebrated Balearic Islands. From Toulon, a ferry departs three times a week in the summer for Majorca. On the way out, it’s an overnight ferry that takes around 15 hours. The return voyage leaves in the morning and makes landfall back on the French coast in an hour’s less time.  

ferry corsica sardinia
Majorca is famous for both its vibrant cities and natural beauty. Photo: Eugene Zhyvchik

Roughly once per week, the ferry calls in at Menorca, which can make a wonderful destination all by itself or be an excellent add-on to a Majorca holiday if you’re got more time to spend lapping up this Spanish haven.  

To access the interactive Corsica Ferries map that lists all possible voyages and connections, please click here.

Comfort and sleeping arrangements 

Seating is plentiful aboard the ferries and the lounge and deck areas are free to use for all passengers, but if you’d like a little more comfort, you can pre-book a private seat in a quiet space on larger vessels of the Corsica Ferries fleet. Two-bed day cabins are also available and prices typically start at €30. 

A cabin is recommended for the night crossings and there are various options to suit all travellers, including linoleum-floored cabins for those travelling with a dog, family-friendly cabins with portholes to watching the waves, and spacious luxury cabins on the upper deck. Prices start at €56 for a private cabin, although those willing to share with other passengers can book a bed from as little as €16. Cots for small children are also bookable for €7.  

Dining and entertainment 

From self-service and all-you-can-eat buffets to brasseries and beach bars, there is generous range of dining options onboard. Even a cabin delivery service is available on some vessels. Games rooms will keep children entertained while al fresco bars and bistros can help break up the voyage, while also providing spectacular views. Whale and dolphin sightings aren’t unheard of, so make sure to head up onto the deck for a bit of fresh sea air once you’re out of port.  

Pet friendly travelling 

Dogs – and other domestic pets – are welcomed aboard the Corsica Ferries fleet and tickets can cost just €17 for four-legged friends per crossings (smaller animals may be cheaper). There are designated pet hygiene areas on all boats and animals are permitted in much of the interior, although they should be kept on a lead at all times.  

Further information about travelling with pets and the documentation required for travel can be found here.

 

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Main photo source: Ivan Ragozin for Unsplash

More needs to be done if the EU is to meet its sustainability goals

by: Stephanie Horsman
25/05/2023
eu sustainability

The European Union’s latest Eurostat report has revealed that the bloc has made “significant” progress in certain areas, but only moderate steps in others, notably when it comes to the climate and the environment.  

Eurostat, the European Union’s (EU) official statistical agency, published a rather wordily titled report on 24th May – “Sustainable development in the European Union: Monitoring report on progress towards the SDGs in an EU context, 2023 edition” – which offers insight into the bloc’s progress with regards to Sustainable Development Goals (SDGs).  

The key findings showed that, over the last five years, many of the EU’s goals are being advanced upon, but there are still important areas where improvements can be made.  

SOLID PROGRESS ON SOME FRONTS 

There are specific SDGs in which the EU has excelled, such as ensuring decent job and economic growth as highlighted by the bloc’s employment levels reaching record highs of 74.6% in 2022 as well as record low unemployment.

Significant leaps forward were also made toward reducing poverty, improving gender equality, providing quality education and fostering personal security as well as improving access to justice and trust in institutions.  

There were also decent results in the areas of responsible consumption, making cities and communities more sustainable, access to clean water and sanitation, affordable clean energy supplies and marine protections. 

NEEDS IMPROVEMENT 

Areas in which work still needs to be done include stronger climate action measures, improvements to biodiversity protections on land and global partnerships.  

As member states gear up for more ambitious environmental targets, they will also need to ramp up commitment levels and efforts. Many have implemented solid measures to achieve 2030 sustainability goals, notably via the Fit for 55 package, which pertains to the legal obligations of reaching the climate goal of reducing EU emissions by at least 55% by 2030, but there is still much more to be done if this is to become a reality.  

Fragile land-based ecosystems are another hot topic and the EU is making motions to reverse the trend of declining bird and butterfly populations as well as create even more protected areas.  

As for energy, the bloc is working on creating more renewable energy outlets as well as raising the bar on energy efficiency.  

For the full report, please click here.

 

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Photo source: Ray Hennessy for Unsplash

Basketball: Kevin Durant in attendance as Roca Team scrape past Strasbourg in playoff opener

by: Luke Entwistle
25/05/2023
kevin durant roca team

In their hunt for a final piece of silverware this season, AS Monaco Basketball ensured a winning start to their Betclic Elite playoff series against Strasbourg (88-84) on Wednesday, in front of an onlooking Kevin Durant.

“It’s even harder than the Euroleague! I’m mentally and physically more tired,” said an exhausted Sasa Obradovic after a tight game that went the distance at the Salle Gaston Médecin.

“The Euroleague is finished. We need to move on. We mustn’t take these games lightly,” said Éłie Okobo (17 points) post-match.

The comments were in reaction to a match that certainly wasn’t dominated by the Roca Team. Quite the opposite…

Photo of Mike James by Luke Entwistle, Monaco Life

There was a sloppiness, on both sides of the court, a selfishness in attack and a lack of efficiency throughout, but particularly in the first half, which almost cost Monaco dearly.

Kevin Durant in Monaco

Obradovic’s men trailed by seven points after the first quarter, but clawed their way back into the game in the second, before taking the lead early in the third, largely thanks to Jordan Loyd’s (19 points) efficiency outside the key.

However, Marcus Keene (22 points) immediately responded, allowing Strasbourg to go into the final quarter with a slender advantage (63-64).

kevin durant roca team
Photo of Kevin Durant by Luke Entwistle, Monaco Life

With the result on the line, Monaco stepped on the accelerator, stretching into a 10-point lead midway through the quarter, but there was a lethargy at times, and in front of Phoenix Suns player Durant, who was in attendance to watch close friend, Mike James (nine points), Strasbourg were handed another route back into the tie.

“We need to wake up”

Strasbourg’s indiscipline got the better of them ultimately. They gave away too many free throws (37) and the game got away from them in the final minutes. Whilst Strasbourg manager Luca Banchi was left bemoaning a refereeing performance, which according to him “lacked respect”, for Monaco, this game served as a warning.

“We need to wake up,” said Okobo, who won the Betclic Elite title with Lyon-Villeurbanne last season.

“They were 100% ready to play. We have to find the energy. It’s do or die. In the first game, there are no favourites and Strasbourg have nothing to lose. They gave us a really hard time. We’ve had better quality wins for sure,” echoed Obradovic.

Photo by Luke Entwistle, Monaco Life

Despite the performance, Monaco are now just one win away from the Betclic Elite semi-finals. The Roca Team travel to Strasbourg on Friday, and in the case of a defeat, both teams will return for a decider back in the Principality on Sunday.

 

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Photo by Luke Entwistle, Monaco Life

Artificial Intelligence a hot topic at YPO’s ‘Future of Film’ event in Cannes

by: Stephanie Horsman
25/05/2023

A ‘Future of Film’ event held in Cannes by the Monaco and French Riviera Chapters of the Young President’s Organisation (YPO) drew big names who spoke of what’s new in cinema, enduring trends, and the reality of technology.

Cinema touches people. Its enduring effects have left indelible marks on many, whether it is recalling a funny line from a favourite comedy or remembering a scene from a film that became a life-changing moment.

On 20th May during the Cannes Film Festival, the Monaco and French Riviera Chapters of the Young President’s Organisation (YPO), alongside YPO Sports and Entertainment Industry Network, hosted an event titled ‘The Future of Film’. It explored the impact of cinema on the world, as well as the resilience and flexibility of the film community.

It was held at the stunning private home of one of the YPO Monaco chapter members. Amongst the guests were Colin Burrows, producer of Cannes Uncut, a love letter to the Cannes Film Festival, BBC World News and CNN correspondent Sandro Monetti, who enchanted the audience with his latest film news straight from Hollywood, and actress and producer Valentina Castellani-Quinn, who gave a speech about films, social impact and change.

“Film conveys a message through visuals and emotions… people tend to believe in people before corporations, political parties, and organisations. It is at the human level that we connect the most,” said Valentina Castellani-Quinn.

The night was certainly glamorous, with opulent sea views, delicious canapes and an exquisite dinner, but it also had a serious side. The panel discussion featured industry insiders from behind and in front of the camera who spoke of where the industry is heading as well as the advances being made that will ensure the survival of cinema.

“Can you possibly envision AI writing Good Will Hunting?”

One interesting topic that came up was the use of artificial intelligence (AI) in film, and the worries surrounding this technology.

Said Castellani-Quinn during her talk, “Many are concerned of AI replacing human intelligence, but can you imagine AI writing The Old Man and the Sea? Can you possibly envision AI writing Good Will Hunting? The truth is that now more than ever our human consciousness, our evolved awareness, can play a crucial role in society through storytelling and film making.

“Emotional intelligence is the most valued tool in a changing, fragile society that desperately needs the re-asserting of ethical values and human connection. Storytelling – a film – can inspire and educate humanity, reminding and renewing the awareness of who we really are and where we come from.”

All-in-all, the evening was considered a great success. Even rain couldn’t dampen the enthusiasm of attendees. As the popular phrase goes, the show must go on, and in Cannes, it did indeed.

 

Photo from left to right: Colin Burrows, Francis Hellyer, Valentina Castellani-Quinn, Sandro Monetti.

 

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Charles Leclerc’s All Star Drivers win World Stars Football Match

by: Luke Entwistle
24/05/2023
Charles Leclerc next to Prince Albert II prior to the World Stars Football Match

Ferrari driver Charles Leclerc led the All Star Drivers to victory in the World Stars Football Match, the curtain-raiser for Sunday’s Monaco Grand Prix.

The charitable match, which raises money for Star Team for the Children MC, has become a fixture in the Monegasque sporting calendar, with the biggest names from the world of Formula One facing off against stars from other sports, such as tennis player Daniil Medvedev, who graced the turf of the Stade Louis II during the 30th edition.

After last year’s draw, the All Star Drivers beat Star Team For The Children MC (4-3) to lift the trophy.

Leclerc, Gasly and Sainz form attacking trident

The All Star Drivers team fielded a front three consisting of Ferrari teammates Leclerc and Carlos Sainz, as well as Pierre Gasly, a close friend of the Monegasque driver. All had chances to make an impact on the game in an open and entertaining edition of the match.

Leclerc, who faceplanted the turf in the opening minutes, joked about his performance.

“I really don’t have any talent! Football really isn’t for me. I’m a bit ridiculous,” he said to RMC Sport. 

However, in such events, it is the spectacle that matters and, in front of Prince Albert II, both teams put on an entertaining match with the Monaco Grand Prix just around the corner.

 

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Photo by ACM / Peyret