Six local business leaders and pioneering companies honoured at Monaco Eco Club Awards

29/11/2024

The 2024 Monaco Eco Club Awards have honoured six distinguished business leaders and important figures who, over the past year, have demonstrated a commitment to enhancing the Principality’s growing role as a hub of economic excellence and sustainability.

On 25th November, the Grimaldi Forum hosted the 13th Monaco Eco Club Awards, an annual event co-sponsored by the Monaco Economic Board (MEB) and the Nice-Matin Group that underscores the Principality’s thriving economic landscape through the accomplishments of the awardees.

Almost 300 people attended the awards, including Minister of State Didier Guillaume and Minister of Finance and Economy Pierre-André Chiappori.

MEB President Michel Dotta reflected on the awards’ long-standing impact, stating, “Since 2012, the Awards have honoured 79 entities, paying tribute to the entrepreneurial spirit that drives our country and makes it a hub of economic excellence.”

Monaco’s Minister of State, meanwhile, paid tribute to the entrepreneurial men and women who have helped establish Monaco as a beacon of creativity and innovation, saying, “The Prince’s Government is a pro-business government that welcomes challenges and economic development. You create this country’s wealth; thanks to you, the Principality has a bright future ahead.”

2024 winners

This year’s honorees are united by a shared vision for the future—not only of Monaco but of the world.

Among them is Françoise Puzenat, who has been Head of BNP Paribas Monaco since 2022. She was named Manager of the Year for her focus on people-centric leadership that strengthened her institution’s performance.

Éric Humilier of Entreprise Monégasque de Travaux (EMT) received the Sustainable Development Award for reducing the company’s carbon footprint by upgrading to EURO VI-compliant trucks and incorporating recycled industrial waste into concrete production.

Dr Pierre Lavagna, the founder of Otoneuro Monaco, was honoured with the Innovation Award for establishing a cutting-edge facility specialising in hearing and vertigo treatments with a strong emphasis on research.

Fraser Worldwide, represented by Anders Kurten, earned the International Award for the company’s pivotal role in positioning Monaco as a global leader in luxury yachting, while simultaneously promoting sustainability in the industry.

Thierry Manni of Stajvelo, a company that designs and produces electric and non-electric bicycles locally, was presented with the Made in Monaco Award and was recognised for his plans to expand the business into the UAE and the US.

Jean-Christophe Maillot, the acclaimed Choreographer-Director of Les Ballets de Monte-Carlo, received the Special Jury Prize for his transformative work that has established Monaco as a global hub for dance through innovative ballets and international collaborations.

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Photo credit: P.H. Sébastien Darrasse / MEB

Monaco reaffirms commitment to combating cross-border financial crime

by: Stephanie Horsman

29/11/2024

Monaco has once again demonstrated its dedication to combating global financial crime by renewing its support for the United Nations’ Global Programme to Combat Money Laundering, Proceeds of Crime and the Financing of Terrorism. As part of this commitment, the Principality has pledged funding for key anti-terrorism and financial crime initiatives across Central Africa in the year ahead.

In recent years, the Principality has actively stepped up its efforts to eradicate money laundering and other financial dealings linked to the support of terrorism and violence on a national and international level. One such measure the Monaco Government has taken relates to the Global Programme to Combat Money Laundering, Proceeds of Crime and the Financing of Terrorism (GPML) from the United Nations Office on Drugs and Crime (UNODC).

In a formal agreement signed on 26th November by Isabelle Berro-Amadeï, Monaco’s Minister of Foreign Affairs and Cooperation, the Principality pledged to continue its funding of the programme during its 2024/25 phase, following Monaco’s support of the initial round of funding that covered the initiative’s 2022/23 rollout.

The renewed partnership will see Monaco back efforts to bolster anti-money laundering operations in a number of Central African nations, including Congo, the Democratic Republic of Congo, Chad, Cameroon and the Central African Republic. These countries face mounting challenges from organised crime, terrorism and violent extremism, all fuelled by illicit financial flows. Monaco’s assistance supports capacity-building measures aimed at disrupting these activities by enhancing the detection, tracking and recovery of criminal funds.

ONLINE TRACKING TOOLS

One of the key elements of the new phase of the GPML is the development and dissemination of an innovative online training module tailored to financial crime-fighting entities. This digital tool will empower law enforcement, financial institutions and other stakeholders to better identify and trace suspicious transactions tied to money laundering and terrorist financing. The tool will also target a spectrum of criminal activities, from drug trafficking and corruption to environmental crimes and the financing of armed terrorist groups.

MONACO UNDER PRESSURE

The Principality itself has been under scrutiny for these types of activities after being placed on the Financial Action Task Force’s (FATF) grey list in June of this year for what the intergovernmental organisation says is insufficient action to stop money laundering linked to fraud committed overseas or to seize illegal assets.

Samuel Vuelta Simon, Monaco’s recently appointed Director of the Judicial Services, aims to change that view.

At a recent Monaco Press Club meeting, he explained his motivation for wanting the job, saying, “The addition of Monaco to the FATF grey list encouraged me. I remain convinced that the fact that Monaco is being questioned by the international community on money laundering is an opportunity to work to raise standards, at the level of all countries, and to ensure that the somewhat degraded image is restored.”

Monaco’s renewed commitment to the GPML signals a broader message—that addressing transnational crime is a shared responsibility.

Read related:

After “grey list” setback, Monaco intensifies anti-money laundering campaign

Photo source: Monaco Communications Department

Relive space history at Venturi’s Apollo legacy exhibition

by: Stephanie Horsman

29/11/2024

Step into the history of space exploration and relive the awe-inspiring Apollo lunar missions at Venturi Space’s free exhibition at the company’s Monaco headquarters in Fontvieille. From breathtaking photographs to meticulously crafted astronaut suit replicas, this immersive display offers a rare glimpse into the legacy of humanity’s journey to the Moon.

The Monaco headquarters of Venturi Space in Fontvieille is currently playing host to an extraordinary exhibition that delves into the history of space exploration, notably the Apollo 15, 16, and 17 lunar missions.

The centerpiece of the exhibition features large-format images of the missions and panoramic views up to 1.80 metres wide, each carefully selected and enhanced by Serge Chevrel from NASA archives, along with two meticulously crafted replicas of astronaut suits. One replicates the suit worn by David Scott during Apollo 15, while the other is a prototype designed by Axiom for future Artemis missions. Both were created by Hervé Laur, a specialist known for his expertise in historical and futuristic space suit designs.

Additionally, there is the Apollo 15 on Hadley Plain exhibition, which was inaugurated on 18th November by 92-year-old American former astronaut David Scott, who was the commander of Apollo 15. It includes a remarkable collection of photographs captured during the mission, some of which were taken by Scott himself.

The Apollo 15 imagery is also joined by imagery from two other missions. Apollo 16 and Apollo 17 on the Moon is a co-production by Venturi, the Apollo 25++ Association, and the Cultural Centre of the University of Toulouse III. This segment showcases photographs of astronauts John Young and Charles Duke from Apollo 16, as well as Apollo 17’s Eugene Cernan and Jack Schmitt.

This immersive and educational exhibit is a must-see for space buffs, families and anyone curious about the legacy of the Apollo missions and the future of lunar exploration.

The exhibition is open daily in the Gildo Pastor Centre lobby until 16th December.

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Photo credit: Fitte / Venturi

French and Italian communities shrink as other nationalities make Monaco their home

by: Niki Borisova

29/11/2024

The results of Monaco’s latest census have unveiled a shifting demographic landscape, with nearly 150 nationalities now shaping the Principality’s diverse population.

Following a vast data collection campaign for the 2023 census, IMSEE, Monaco’s official statistical agency, has published an in-depth report detailing the characteristics of the Principality’s local population.

Towards the end of November, Monaco Life attended the presentation of IMSEE’s findings, which was held at the Ministry of State in the presence of the many state and government authorities and agencies that contributed to the census, such as Monaco City Hall (Mairie de Monaco), the Monaco Police Department, the Department of National Education, Youth, and Sports, the Property Administration, and the Department of Forward Studies, Urban Planning, and Mobility.

Thanks to digital advancements, IMSEE has been able to move away from exhaustive on-the-ground surveys and instead adopt a new methodology, as explained by Alexandre Bubbio, IMSEE Director, at the presentation.

“By adopting a register-based methodology, we’ve moved away from traditional field surveys, allowing us to produce annual updates with greater accuracy and efficiency,” he said. “This ensures that the data remains relevant and reflective of Monaco’s fast-changing demographic landscape.”

Shifting nationalities

Monaco’s population has long reflected its international appeal, and this latest census confirms just how diverse the Principality has become.

Of the 38,367 residents recorded in the census, more than 75% are foreign-born, and there are now 141 different nationalities of people living in Monaco.

For the first time in the history of Monaco’s census records, Monegasques have become the largest single nationality in the country. They now represent 23.9% of the population, or 9,179 residents.

See more: Monaco’s population of Monegasques nears 10,000-mark

Meanwhile, the once-dominant French and Italian communities, which have traditionally outnumbered Monegasques in Monaco, are experiencing a decline in numbers.

French nationals now make up 22.1% of the population, down from almost 60% in 1962, when the Principality’s French population reached its peak. Italians account for just under 20% of the population, a fall of 8% in volume compared to the figures recorded in the 2016 census.

But while the number of French and Italian residents has been shrinking, other groups are steadily growing, subtly changing Monaco’s demographic makeup.

Among them are Ukrainians, whose numbers have increased by 186.8% since the last census, likely reflecting the ongoing conflict in the region. Other nationalities, such as Cypriots and Israelis, have also seen sharp increases, with their numbers almost tripling over the same period.

The Russian presence has also grown considerably, rising by 60% since 2016 to reach 1,199 residents. What’s particularly surprising about this group is the gender shift. Unlike the usual trend in Monaco, where more foreign men than women relocate to the Principality, a greater proportion of Russian women have settled in Monaco in recent years.

More than 5,000 newcomers

According to the IMSEE report: “Of the people registered in Monaco in 2023, more than 5,000 are non-Monegasque nationals aged over 18 who have settled in the Principality since the previous census.”

The UK accounts for 12.8% of newcomers, Italy for 10.4%, Switzerland for 7.9%, and Russia for 3.7%. However, almost a third of all new residents came from nations outside of these historically key contributors, reinforcing Monaco’s increasingly global character.

The data also reveals other insights about who is moving to Monaco. The average age of residents varies widely between nationalities. Ukrainians tend to be the youngest, with an average age of just 31.7 years, while Swiss residents are among the oldest, with an average age nearing 55.

Overall, the report paints a picture of a nation that continues to be a magnet for people from all over the world.

The full report from Monaco’s statistical office is available here.

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Photo credit: Manuel Vitali / Monaco Communications Department

Key dates for Christmas in Monaco: snow globes, Santa and seasonal cheer

by: Niki Borisova

29/11/2024

Over the coming days and weeks, the Principality of Monaco will be transformed into a haven of Christmas festivity. Here are some of the highlights of the holiday season to come.

At 6.30pm on 30th November, Monaco’s Christmastime preparations will kick into high gear with the traditional illumination of an 18-metre tree along with thousands of glittering lights in the Place du Casino.

This year’s theme, ‘A Magical Christmas Time’, will see the iconic square come alive with the magic of the season as five giant snow globes are wheeled out to encircle the gloriously decorated tree. Each globe will portray an iconic Christmas moment from a family decorating a tree to the sharing of festive meals and the unwrapping of gifts.

Beginning 6th December and running every Friday and Saturday until 21st December, when it becomes a daily event, a stunning projection show featuring North Pole elves will delight visitors to the square each evening. The show will be beamed up onto the Casino de Monte-Carlo’s façade.

Closer to Christmas, a choir is set to perform in the Place du Casino between 1pm and 4.30pm on 21st, 22nd, 24th and 25th December. On top of this, Santa Claus himself will be making regular appearances in the Place du Casino on 21st, 22nd, 23rd, 24th and 25th December.

*Santa Claus will be making an appearance in the Place du Casino on 21st, 22nd, 23rd, 24th and 25th December. Photo source: Monte-Carlo SBM*

In the nearby Jardins des Boulingrins, the festive carousel will enchant younger visitors throughout the festive period, and along with a stand selling churros, crepes and sweets, there is also a Monte-Carlo Societe des Bains de Mer boutique called Christmas by our Chefs that is selling exclusive seasonal treats, such as Alain Ducasse’s panettone and Dominique Lory’s candied chestnuts.

Adding to the seasonal charm are the chalets on Avenue Monte-Carlo, where visitors can discover festive delicacies, floral arrangements and unique gifts. Warm treats like crepes and hot chocolate provide the perfect break for shoppers. The market opened on 15th November and will continue through to 5th January.

See more: Village des Sports to bring Christmastime adventure to Port Hercule

The Square Beaumarchais, near the Hôtel Hermitage Monte-Carlo, has been reimagined as a winter wonderland featuring the Café Repossi this winter. This pop-up blends fine jewellery with a seasonal experience, offering champagne and festive delicacies like oysters and caviar.

Meanwhile, the hotel will be welcoming children to a Christmas tea party in the Salle Belle Epoque every day between 20th and 23rd December. Visitors can expect to meet Father Christmas and participate in a range of workshops and fun activities.

The festive atmosphere extends to the Hôtel de Paris, which will host a Festive Afternoon Tea event in its lobby between 14th December and 5th January. It will be a refined take on the English tradition with a hearty festive twist of pastries and a signature Alain Ducasse hot chocolate against the backdrop of a Christmas tree designed by Chopard.

Finally, the much-anticipated Christmas Village in Port Hercule will open on 6th December, adding a traditional touch to the celebrations with local crafts, food and entertainment.

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Photos source: Monte-Carlo SBM

Monaco strengthens digital security with bold new data protection legislation

by: Elsa Carpenter

29/11/2024

Monaco has taken a significant step towards strengthening personal data protections within the Principality by adopting Draft Law No. 1.054, which will lead to the creation of a dedicated Data Protection Authority, establish stronger safeguards for international and European data transfers, enhance individual rights and provide increased protections for minors’ data.

Formally adopted by a unanimous vote during the National Council’s Public Legislative Session on November 28th, the new draft law brings the Principality into line with the highest European and international standards, marking a new era for data security in Monaco.

The legislation not only enhances the protection of individuals’ personal information, particularly minors’ data, but also reinforces Monaco’s economic attractiveness by creating a safer digital environment for businesses and residents.

In a statement following the vote, Monaco’s Minister of Foreign Affairs and Cooperation, Isabelle Berro-Amadeï, thanked the Council for the constructive discussions that helped shape this landmark 118-article text, which will apply to both the public and private sectors.

She also emphasised that the legislation is a critical step in ensuring a balance between innovation and fundamental rights in an increasingly data-driven society.

“In the digital age, it is not a question of prohibiting the circulation of personal data altogether or hindering innovation or technological advances based on the use of such data, which in turn can drive economic growth,” noted Berro-Amadeï in her speech directed at the Council. She added that forward-thinking legislation, such as Monaco’s Draft Law No. 1.054, “seeks to strike a balance between the protection of individuals, the economic necessity of allowing free data flows—and therefore its collection and use—and certain exemptions when legal requirements, such as public security or the public interest, are at stake”.

The seasoned civil servant went on to quote Prince Albert II of Monaco, saying, “Monaco in a digital world is a model based on attention to individual needs, the excellence of quality of life, and the invention of new standards. A model centred on humanity, ethics, responsibility, and security, protecting against the risks of digital abuses.”

She elaborated, adding, “These words perfectly illustrate the vision that the Principality holds in the digital age: technological development that is both bold and respectful of individual freedoms. Draft Law No. 1.054 fits directly into this vision, enabling the combination of innovation, economic attractiveness, and rights protection.”

Key features of Draft Law No. 1.054

The law introduces several transformative measures designed to bolster data protection, including the creation of a dedicated Data Protection Authority to replace the Commission for the Control of Personal Data; enhanced rights for individuals, particularly minors’ data; the elimination of most prior declaration requirements, simplifying compliance for organisations; increased accountability for data controllers, and the mandatory appointment of Data Protection Officers; stricter regulations governing the use of criminal data by administrative and judicial authorities; stronger safeguards for international and European data transfers; and tougher penalties for non-compliance, including administrative fines of up to €10 million.

While Monegasque legislation seeks to mirror similar measures set out by the European Commission, Berro-Amadeï noted that there will be some differences regarding sanctions. The fines that the future Data Protection Authority will be able to impose will increase tenfold, from the current ceiling of €900,000 to €10 million. However, this remains lower than the maximum set out in the EU’s General Data Protection Regulation, due to the “specificities of Monaco’s economic structure”.

The National Council also voted to adopt Draft Law No. 1.053, which approves the ratification of the Protocol amending Convention 108. Known as Convention 108+, this is the only legally binding international instrument for data protection. Monaco’s forthcoming ratification of this protocol, which the Principality signed in 2018, will contribute to its entry into force globally.

Supporting stakeholders

To facilitate a smooth implementation of the new legislation, the Monaco Government will host a free information seminar on December 11th at the Lycée Rainier III. This session will provide guidance to state services, public institutions, private entities with public-interest missions and public service concessionaires on their obligations under the new law.

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Photo source: Conseil National de Monaco

Month: November 2024