Monaco has demonstrated “significant progress in the level of compliance with the FATF (Financial Action Task Force) standards,” concludes Moneyval, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. In a follow-up report released on 10th December, Moneyval highlighted the Principality’s improved measures to combat money laundering and the financing of terrorism since the adoption of its mutual evaluation report in 2022.
The report commended Monaco’s authorities for numerous reforms that have strengthened the nation’s legislative, regulatory, and institutional framework to align with FATF standards. Moneyval specifically noted improvements in compliance with 15 key recommendations, including measures on confiscation and provisional measures, targeted financial sanctions, transparency of legal arrangements, and regulation of financial institutions and non-financial businesses. Recommendations 6, 7, and 12 were re-rated as fully compliant, while 12 others advanced to largely compliant status.
Moneyval’s follow-up report also acknowledged Monaco’s remarkable progress in meeting its expectations, noting that the jurisdiction has now achieved full compliance with seven FATF recommendations and largely compliant ratings for 32 others, leaving only minor deficiencies in technical compliance. Notably, Monaco has no recommendations rated as non-compliant.
“Monaco has succeeded in meeting the general expectation of Moneyval for countries to have addressed most – if not all – of the technical compliance deficiencies within two years after the adoption of the mutual evaluation report,” stated Moneyval in the report. The authorities opted not to request a re-rating for Recommendation 15 (New technologies), which remains partially compliant and outside the scope of this evaluation.
Within 16 months of being placed on Moneyval’s “grey list”, Monaco has enacted four new laws containing 481 articles, resulting in amendments to 11 existing laws, a Sovereign Ordinance, and three Codes, as well as the drafting of numerous implementing texts. Meanwhile, ahead of the publication of Monaco’s mutual evaluation report in January 2023, five laws were adopted in December 2022, comprising 73 articles that amended two laws and two Codes.
“This remarkable assessment is the result of a major effort initiated by the Sovereign Prince and led by the Prince’s Government, with the National Council, all the Monegasque services and authorities involved in the system for combating money laundering and the financing of terrorism, and with the private sector,” stated the Monaco government in its statement on Tuesday 10th December.
While the follow-up report focuses solely on formal legislative and institutional changes, Monaco will remain in enhanced follow-up and Moneyval has requested Monaco to report back in three years’ time on the practical implementation of its AML/CFT measures.
“We are sending a very positive signal to the international community. However, our commitment remains unwavering as we work towards exiting the FATF grey list according to the established timeline,” said Pierre-André Chiappori, Minister of Finance and Economy.
The government expects this to be achieved by mid-2026.
Monaco marked the International Day of Persons with Disabilities by hosting the inaugural Handipact Day, an event highlighting technological advancements and initiatives aimed at supporting people with disabilities.
Held on 3rd December under the theme ‘Innovation in the service of disability’ and attended by Prince Albert II, the event was organised by the Department of Social Affairs and Health to reaffirm Monaco’s commitment to creating an inclusive and accessible society.
Minister Christophe Robino described the event as a reflection of Monaco’s collective effort to build a model society where inclusion is a lived reality, not just a goal. The day featured moving testimonials, engaging demonstrations of cutting-edge technology, and a panel discussion with prominent figures such as Marco Landi, former president of Apple Computer; Arthur Alba, founder of the mobility app ‘Street Co’; and entrepreneurs Virginie Dubost and Julien-Paul Vedani.
One of the event’s highlights was the presentation of the Handipact Trophies, created by Monegasque artist Caroline Bergonzi. Among those honoured were Lieutenant-Colonel Maxime Yvrad, recognised for implementing accessibility solutions for hearing-impaired individuals in Monaco’s fire service; Virginie Dubost, a Paralympic torchbearer and advocate for accessibility; and Julien-Paul Vedani and Laure Gabin, co-founders of We Are Handi, acknowledged for their achievements in disability advocacy and innovation, including climbing Mount Kilimanjaro with an exoskeleton. Additionally, local merchants Laetitia Politi, Carole Bloom, and Clément Ferry were commended for adopting measures to make their businesses more accessible as part of the government’s Handipact strategy.
Monaco’s first Handipact Day was deemed a huge success. Photo credit: Philippe Fitte, Government Communication Department
Visitors to Handipact Day were invited to explore and test groundbreaking technologies, including an exoskeleton demonstrated by Julien-Paul Vedani, the ‘Street Co’ app designed to assist individuals with reduced mobility, a digital tool capable of interpreting sign language, and a real-time voice transcription solution for the hearing-impaired. Attendees also participated in interactive experiences, such as the Accéder Côte d’Azur wheelchair course, and engaged with Monaco-based associations dedicated to supporting individuals with both visible and invisible disabilities.
With his new exhibition, Paésine, Francisco Tropa has transformed the halls of the Nouveau Musée National de Monaco’s Villa Paloma into an immersive exploration of geology, mythology and artistic expression. The exhibit, featuring 50 monographic works—ranging from sculptures to light projections and short films—is on display until 21st April 2025.
Earlier this month, Monaco Life visited the NMNM’s latest exhibit: Paésine by Portuguese artist Francisco Tropa.
The exhibition draws its title from paésine, or ruin marble, a type of stone with naturally occurring patterns that resemble painted landscapes, and explores themes of geology, archaeology and ethnology. It presents a journey through Tropa’s intricate, multi-faceted artistic universe, described by Björn Dahlström, the director of the NMNM, as “an analogical exploration of the natural and artificial, the organic and the mineral.”
The exhibition was inaugurated on 5th December in the presence of notable guests, including Princess Alexandra of Hanover, the artist himself and key patrons of the NMNM. Françoise Gamerdinger, Monaco’s Director of Cultural Affairs, Dahlström and Célia Bernasconi, the exhibition’s curator, were also among the attendees.
Inside Paésine
Tropa’s works have transformed the Villa Paloma into an allegorical environment where rock, water, and light converge to create an atmosphere evocative of a time before museums. Each floor corresponds to a conceptual realm: the underground, the terrestrial, and the celestial culminating in an ascensional journey for visitors.
Central to this narrative are works such as Pietà, a sculpture that subverts Michelangelo’s iconic piece by showcasing the plaster mold used for its bronze reproductions, and Firmament, a trio of sculptures exploring representations of the universe, inspired by sources ranging from Platonic geometry to medieval illuminations.
Pietà by Francisco Tropa at the NMNM. Photo by Monaco Life
Meanwhile, the outdoor installation Pénélope is an imposing sculpture that embodies the artist’s fascination with internal spaces and forms, inviting reflection on ancient myths and their resonance in contemporary art.
Tropa is recognised for his ability to bridge disciplines, incorporating elements of sculpture, drawing, photography, performance and film into his work. His career spans decades, with highlights including his representation of Portugal at the 2011 Venice Biennale and his participation at other international events, such as Manifesta and the São Paulo Biennale. Tropa’s projects often delve into historical narratives and reimagine scientific methodologies, blending them with mysticism to construct alternative histories of art.
His works stand out for their precision and focus on materials, ranging from minimalist sculptures to complex mechanical pieces inspired by medieval clockwork. This approach is evident in the exhibition’s centrepiece works, which invite viewers to consider the intersections of time, memory, and representation.
The exhibition is open daily from 10am to 6pm, with admission priced at €6. Entry is free on Sundays and for specific groups, including those under 26, school groups, Monaco residents and others eligible for concessions.
La Condamine is set to sparkle on Thursday 12th December as the Union des Commerçants et Artisans de Monaco hosts a festive apéro shopping event. Running from 5pm to 8pm, this enchanting evening combines exclusive deals, a giant apéro, and the vibrant charm of one of Monaco’s most iconic districts.
The festive season is the perfect time to rediscover La Condamine, a neighborhood known for its bustling atmosphere and unique local shops. For one evening, residents and visitors are invited to celebrate the holidays with music, special promotions, and the warm community spirit that defines the Principality.
Exclusive deals and festive rewards
The event offers a blend of holiday cheer and rewarding shopping. Participating stores will feature exclusive discounts, and shoppers using the Carlo app can enjoy an additional 5% cashback on purchases.
The initiative seeks to encourage holiday shopping locally while providing customers with added value.
The Apéro Shopping de l’Avent will take place on Thursday 12th December from 5pm to 8pm in La Condamine.
The Novotel Monte-Carlo has launched a new pop-up restaurant concept, ‘The Melt by Azzurra Kitchen’, offering a menu dedicated to fondue including a creative twist on the ultimate cheese indulgence.
Azzurra Kitchen, located within the Novotel Monte-Carlo, is hosting The Melt this winter, introducing a dining concept centred around the classic fondue. The menu, crafted by chef Frédéric Ramos, includes both traditional and modern interpretations of the popular dish.
Among the offerings are staples like the Fondue Savoyarde served with potatoes and cured meats, and the Fondue Bourguignonne with pieces of meat accompanied by house-made sauces. For those seeking something different, the menu also includes globally inspired options such as Pad Thaï Fondue and Nachos Niçoise served with socca chips, salsa, guacamole and grilled peppers.
The comforting winter flavours of fondue are now available at The Novotel. Photo by Monaco Life
Sweet options include a Fondue au Chocolat des Îles served with fresh fruit and a wintery Fondant à la Châtaigne.
The Melt is a nice addition to the winter dining scene in Monaco, offering a relaxed atmosphere for gatherings during the colder months. It is open from 7pm to 10pm every day until 28th February 2025.
Reservations are encouraged, with more information available by contacting the Novotel Monte-Carlo directly.
Madrid is a city where history meets modernity, where centuries-old landmarks coexist with a cutting-edge cultural and culinary scene. From its art-filled museums and royal palaces to luxurious hotels and world-class gastronomy, the Spanish capital is bursting with energy, diversity and creativity, and whether you’re exploring its verdant parks, savouring a glass of local wine or enjoying the buzz of its vibrant nightlife, the city offers endless inspiration for visitors.
In this edition of Monaco Life’s Around the World series, we dive into what makes Madrid one of Europe’s most dynamic destinations, from its globally renowned business schools and economic growth to its opulent accommodations, culinary hotspots and must-visit cultural gems. Get ready to explore Madrid like never before.
Luxurious stays
Madrid is home to some of Europe’s most luxurious hotels.
Set in the Salamanca district, Bless Hotel Madrid combines 19th-century aristocratic charm with contemporary touches. Guests can relax by the rooftop pool, unwind in the spa or enjoy a meal at the hotel’s Michelin-starred restaurant. The rooftop bar is a must-visit for drinks, offering stunning views.
Meanwhile, the Madrid Edition combines sleek, minimalist design with luxurious amenities. Open to both guests and visitors, the hotel features chic rooms, a rooftop terrace with city views and stylish dining options. Oroya, the rooftop restaurant by Chef Diego Muñoz, serves Peruvian-inspired dishes, while the lobby bar is perfect for cocktails and relaxed evenings. A pool table in the lounge adds to its laid-back charm, and the highly Instagrammable spaces make it a standout in Madrid.
For timeless luxury, the Mandarin Oriental Ritz is hard to beat. This historic Belle Époque hotel, originally opened in 1910, has been restored to blend its classic charm with contemporary comfort. Situated near the Prado Museum, it’s ideal for those who want to explore the city’s cultural gems in luxury.
Exploring Madrid
Madrid is a city rich in culture and history. Among its most popular sites is the Prado Museum, a space that houses one of the world’s most comprehensive collections of European art. Art enthusiasts can marvel at masterpieces by Velázquez, Goya and Bosch. Monaco Life’s favourite part is the museum’s lower level, which features Goya’s haunting Black Paintings; a glimpse into the artist’s darker period.
Complementing the Prado, the Thyssen-Bornemisza Museum presents an extensive collection that spans from medieval to modern art. Visitors can explore works by renowned artists such as Caravaggio, Monet and Van Gogh.
After immersing yourself in the world of art, take a stroll through Madrid’s most iconic park. Once a royal retreat, El Retiro Park is now a public space spanning over 125 hectares. Visitors can stroll through manicured gardens, row boats on the lake and admire the iconic Crystal Palace, a glass pavilion that often hosts art exhibitions. Nestled within Retiro, Florida Park is a go-to spot for Sunday brunch. We highly recommend the tapas bar that overlooks the park.
The Royal Palace, located in the heart of Madrid near Plaza de Oriente, showcases Spain’s rich monarchical history. Though no longer a royal residence, it remains the official state venue for ceremonies. Visitors can explore its opulent rooms and enjoy the tranquil Sabatini Gardens. A local tip: head to the nearby Templo de Debod, an ancient Egyptian temple that was gifted to Spain in the 1960s, for the most beautiful panoramic views of the city by sunset.
The Royal Palace. Photo by Monaco Life
Exploring Madrid’s culinary scene
Madrid is home to some of Europe’s most exciting culinary experiences. Starting in the upscale Barrio de Salamanca, Jorge Juan Street is a must-visit for any foodie. This vibrant thoroughfare is lined with some of Madrid’s finest restaurants and is home to the original Amazónico, a dining destination that has since inspired locations worldwide, including here in Monaco.
Within Amazónico, the Jungle Jazz Club provides an exclusive space showcasing nostalgic jazz sounds. With nightly performances from house bands playing Latin-inspired jazz, Bossa Nova and Cuban music, guests are entertained throughout the evening. Additionally, the Amazónico distillery offers an opportunity to sample expertly crafted spirits in a speakeasy-like setting.
Inside the Amazónico distillery. Photo by Monaco Life
Further along Calle Jorge Juan, Ultramarinos Quintín blends rustic charm with contemporary dining, offering Spanish classics like jamón and croquetas alongside creative dishes. Don’t miss the oxtail stew!
Not far from Calle Jorge Juan, on Calle Velázquez, is Joselito’s, a true haven for jamón lovers. Known for its world-renowned jamón ibérico, this spot is perfect for indulging in Spain’s finest cured ham. Whether you’re looking to savour it on the spot or buy some to take home, Joselito’s offers a premium selection.
Also located on Calle Velázquez, La Maruca is a popular spot for a relaxed lunch, known for its fresh, simple dishes inspired by Cantabrian cuisine. Try their slow-cooked beef cheeks, a house specialty.
For meat lovers, Monaco Life recommends Charrúa, a restaurant that showcases traditional Uruguayan grilling. Specialising in various cuts cooked over an open flame, it’s a great choice for a satisfying meal. The Chuleton, a tender ribeye steak, is a highlight. To round off your meal, try the Vulcan Dulce de Leche—a rich, molten cake made with caramelised milk, a beloved South American treat.
Must-visit Bars
For a one-of-a-kind cocktail experience, Salmon Guru is unmatched. Known for its innovative mixology, the bar delivers an unforgettable experience. Arrive early, ideally before 6pm, as queues often form later in the evening. Stepping inside, you’re transported into a vibrant world of bold, anime-inspired and Asian-themed décor, with neon lights, quirky details and an electric atmosphere. The menu is just as imaginative, featuring cocktails that are as much art as they are drinks. A standout is the Bubble Bath, a gin-based concoction served in a bathtub glass with foam on top.
Salmon Guru, the perfectly chic example of quirky and eclectic done well. Photo by Monaco Life
Regarding wine bars, Madrid doesn’t disappoint. Monaco Life has two recommendations, starting with Gota Wine Bar. Gota combines a chic, minimalist bar with a curated selection of vinyl records that add a cool, laid-back vibe to the space. The wine list is both extensive and playful, featuring bottles with fun, memorable names alongside classic vintages. For food, the oysters are a must-try. The menu also includes several small plates, making it a great choice for a relaxed evening of wine tasting and light bites.
The second recommendation is Vinology Conde de Aranda, a distinguished wine bar that pays homage to the rich diversity of Spanish and Argentine wines. The establishment offers a curated selection of over 300 wine references, showcasing both renowned labels and hidden gems from small producers. Customers can also enjoy a variety of snacks, including fresh seafood, artisanal cheeses, and charcuterie.
A visit to Madrid wouldn’t be complete without stopping at Plaza de la Independencia, home to the iconic Ramses. Designed by Philippe Starck, this stylish spot blends modern design with a prime location overlooking the Puerta de Alcalá. Inside, the bar offers a sleek and lively atmosphere, making it a great choice for drinks, while the outdoor terrace provides a more relaxed setting with views of the historic square.
