Monaco has appointed Bruno Dalles as the new head of its Financial Security Authority (AMSF), the agency responsible for tackling money laundering, terrorist financing, and corruption. The appointment comes as Monaco prepares to send its first progress report to the Financial Action Task Force (FATF), outlining steps taken to address concerns that led to its inclusion on the organisation’s “grey list” last year.
Bruno Dalles, currently Attorney General at the Court of Appeal in Nouméa, will take up his new position on 3 March. He replaces Sophie Thévenoux, who had led the agency since 29th January.
A former head of TRACFIN, France’s financial intelligence unit, Dalles has a background in investigating financial crime and public finance management. His experience is expected to play a key role as Monaco works to improve oversight of its financial system.
AMSF was created to replace SICCFIN, the previous financial intelligence unit, as part of Monaco’s response to FATF recommendations calling for stronger, more independent regulation.
Photo source: Government Communication Department
Government reviews anti-money laundering strategy
Dalles’ appointment was announced as Monaco’s Coordination and Monitoring Committee for its national anti-money laundering strategy met on 27th February.
The meeting, chaired by Minister of Foreign Affairs and Cooperation Isabelle Berro-Amadeï, reviewed the country’s progress since being placed on FATF’s grey list. Officials also finalised Monaco’s upcoming progress report, which will be submitted to FATF’s International Cooperation Review Group (ICRG) for assessment.
Berro-Amadeï thanked government agencies and financial institutions for their efforts but stressed the need for continued cooperation to meet international standards.
Monaco’s position on FATF grey list
Monaco was added to FATF’s grey list in June 2024 due to concerns over its ability to prevent money laundering, particularly in cases linked to tax fraud abroad. While FATF acknowledged improvements in financial controls, it said further action was needed to ensure effective enforcement.
Since then, Monaco has restructured its financial oversight agencies, introduced new legislation, and increased regulatory scrutiny. Officials hope these efforts will allow the country to be removed from the grey list by 2026.
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The Grand Bal Viennois: A nostalgic journey to Vienna’s golden era
The Grand Bal Viennois will transport guests back to the Austrian-Hungarian Empire era when they enter Nice’s Hotel Negresco on 8thMarch. For one evening, the Salon Royal will become a time capsule where the modern world fades away and the elegance of imperial Vienna takes centre stage.
With their period attire and dancing shoes at the ready, the guests of The Grand Bal Viennois are set to embark on a unique journey where emperors and empresses still lead the way.
Marie-Theres Michel, who grew up in Vienna, created the event, and told Monaco Life that nostalgia for this period remains deeply embedded in Austrian culture. “Many people tease me by saying ‘why do you always talk about former times?’, and without hesitating I say ‘well, it’s the time of Franz-Joseph!’,” she said. “Maybe it is a little crazy and old fashioned, but for a lot of Austrians, this time is still very present in our minds. Austrians are very nostalgic, and with the Viennese balls, we keep this nostalgia alive.”
Inside the Grand Bal Viennois
The evening begins at 7pm when the doors of the Salon Royal open to welcome guests with champagne and cocktails, setting an elegant tone for the night ahead.
While traditional Viennese balls typically start at 10pm without dinner, Marie-Theres decided to further enhance the experience for her guests. Forty-five minutes after the welcome reception, Michelin-starred chef Virginie Basselot, who has been creating prestigious cuisine at Negresco since 2018, will serve a Mediterranean-inspired dinner.
Following the meal, the night will continue based on Viennese tradition – the classical opening ceremony organised by the Viennese Dancing School. Sixteen debutant couples will perform accompanied by ‘The Hohner’’, a musical ensemble flying in from Vienna specifically for this event. Known for their performances at traditional Viennese balls, they will play authentic Viennese waltzes and traditional melodies. Once the opening ceremony wraps up, the representative of the City of Vienna will give a speech and then officially open the ball ‘’Alles Walzer’’.
When the clock strakes 12, it’s time for the ball’s highlight; the famous ‘Quadrille’. “It is the most fun part, as even Austrians who have danced it numerous times keep forgetting parts of it’’, Marie-Theres explained. “It’s a kind of line dancing where all guests are invited to participate. As just a few people know what to do, the director of the dancing school guides everyone through the steps. Even though it becomes somewhat chaotic, it’s a perfect moment for everybody to dance together. The origins of the Quadrille date back to the 19th century, which was the great period of balls.” This dance, in combination with the historical ball room that the Negresco encompasses, will make for a truly magical atmosphere, contributing to the time-travel experience.
In our increasingly globalised world, says Marie-Theres, “it is important to refine and redefine the values and origins of our European culture. The idea is to transmit a certain savoir-vivre – historic and classic traditions and values to the guests attending the Grand Viennese Ball.’’
Even though this is the first year Marie-Therres is hosting the ball, she hopes to make it an annual tradition for the French Riviera, with the second edition already planned for 7th March 2026.
Useful information
Tickets for the ball are priced at 360€, or 110€ for a strolling ticket.
A tip for the ladies arriving at the ball: before heading towards the Salon Royal, don’t forget to pick up a ‘Damenspende’, a small gift offered to participating ladies by the ball’s organisers and a sign of appreciation and courtesy. This is an elegant and refined tradition of Viennese balls, much more than a simple gesture: it’s a symbol of Austrian gallantry and art de vivre.
VIP services are also available, including special rates for stays at Hotel Negresco, private tours of the Cote d’Azur, dance lessons before the ball, private chauffeurs and recommendations for purchasing formal attire.
Approximately 150 guests are expected, and while the event is nearly sold out, final reservations can be made on the Grand Bal Viennois official website: https://www.billetweb.fr/grand-bal-viennois
Ahead of two major motorsport events in May – the Monaco E-Prix and the Formula 1 TAG Heuer Grand Prix de Monaco – the Department of Urban Planning has begun resurfacing large tracts of the iconic street circuit. The project will continue until 14th March.
Every year, Monaco’s Department of Urban Planning undertakes a major road resurfacing campaign to ensure that the legendary circuit used in the Monaco Grand Prix and other similar motorsport events, as well as other essential routes in the Principality, are well-maintained.
The works, which will primarily take place between 8pm and 6am to limit the impact on the Principality’s road network, have already begun, commencing on the night of Wednesday 26th February on the Darse Sud and Virage Noghès sector of Port Hercule.
The next focus will be Avenue Saint Charles on the night of Thursday 27th February, followed by Avenue d’Ostende on the nights of Monday 3rd and Tuesday 4th March.
The resurfacing of the pit entry and exit section of the circuit, as well as the rest of Boulevard Albert Ier, will take place between Monday 3rd and Thursday 6th March, coinciding with works on Avenue Hector Otto on the night of Thursday 6th March.
Boulevard d’Italie will be prioritised on the nights between Monday 10th and Friday 14th March, as well as Avenue des Spélugues on the night of Wednesday 10th March.
Local and regional bus lines affected by the project will be diverted between 8pm and 6am, with prior information provided to users and available on the Compagnie des Autobus de Monaco website.
The government has sought to reassure the public that emergency services and the police will be able to circulate through all work zones in the case of an emergency.
“In addition to providing complete information to residents, special attention will be given to users of private and public parking and businesses; road signage will be adapted, and any pedestrian detour will be identified by barriers,” further confirmed a spokesperson for the Monaco Government.
From IUM graduate to founder of luxury jewellery brand Sapfira, Valeria Hordiyenko’s journey is the perfect example of how the International University of Monaco can help equip young people and entrepreneurs with the skills, network, and mindset to succeed.
Valeria Hordiyenko, a 28-year-old Ukrainian entrepreneur who has spent the past decade in the Principality, is building a name for herself in the fine jewellery industry. A graduate of the International University of Monaco (IUM) in 2019, she is now the founder of Sapfira, a locally based brand specialising in ethically sourced diamonds and gemstones, and shares her story with Monaco Life‘s Niki Borisova.
Hordiyenko’s entrepreneurial journey blends her academic background with a passion for gemology. After earning a bachelor’s degree in marketing and communication at IUM, she pursued a Master’s in geology at the private School International de Gemologie de Monaco. At the time, both institutions were based at Stade Louis II, making for a seamless transition between the two.
The IUM influence: shaping an entrepreneurial mindset
Hordiyenko credits her time at IUM with giving her the business knowledge and mindset needed to launch her own brand.
“IUM played a crucial role in my journey,” she says. “It exposed me to so many areas of business—marketing, finance, strategy, even design—which helped me see the bigger picture. It also taught me how to ask the right questions, which is essential as an entrepreneur.”
Beyond academics, she remembers IUM as a welcoming and supportive community.
“When I first arrived, my English wasn’t the best, but people were so kind and accepting,” she recalls. “It was a great environment to be a part of, and that helped me a lot, both personally and professionally.”
Hordiyenko moved to Monaco 10 years ago and now considers the Principality her long-term home.
One course that stood out during her time at IUM was Economics and Strategy with Dr. Ingo Böbel, a professor later appointed Co-Leader of the Microeconomics of Competitiveness Curriculum Council at Harvard Business School.
“His classes were inspiring,” she says. “He had this determination and depth of knowledge, and the real-life case studies he brought to class were incredibly valuable.”
Hordiyenko, pictured here with her husband, graduated from IUM in 2019, obtaining a bachelor’s degree in marketing and communication. Photo supplied
She also spotlights the hands-on nature of IUM’s entrepreneurial courses.
“We had to analyse real companies, spot their mistakes, and propose solutions. That kind of experience made the transition to running a business much easier,” she explains.
Since Hordiyenko’s graduation in 2019, IUM has continued to grow, reflecting its success as an institution. It has moved to a new, larger campus with improved facilities, expanded academic programmes, and a growing student body. The university has also developed more student-led organisations and networking clubs.
Building a brand in Monaco’s competitive luxury market
But despite this exposure to the world of business, launching a brand in Monaco came with challenges for Hordiyenko.
“The biggest shift is when you decide to take that first step—to take responsibility, not just for yourself, but for your employees,” she says. “IUM encourages that mindset. Even after you graduate, you never stop learning. As an entrepreneur, you’re a student for life.”
Sapfira, Hordiyenko’s jewellery brand, started in 2020 with custom pieces for private clients. By 2022, she had officially established the marque.
The name comes from a sapphire-blue dragon in one of her favourite books, as well as a nod to the gemstone itself.
Her focus is on ethical sourcing, with diamonds over 0.30 carats certified by GIA or HRD laboratories.
“Transparency is extremely important to me,” she affirms. “I work with trusted suppliers to ensure every gemstone meets high ethical and quality standards.”
Hordiyenko’s time in Monaco has shaped not just her business, but also her design aesthetic.
“Monaco has a very refined and sophisticated clientele, and that influences my approach,” she explains. “My pieces aren’t about mass-market appeal—I want them to be unique, something that stands out.”
She also acknowledges the competition in Monaco’s jewellery scene, home to established names like Cartier, Chopard, and Van Cleef & Arpels.
“People buy those brands for status, but I want Sapfira to offer something different—jewellery for those who want to stand out,” she says.
Sapfira offers jewellery for those who want to stand out with bold pieces, such as this ring from the Mercurial collection. Photo supplied
Looking ahead, she plans to expand into the Asian market while maintaining a strong presence in Monaco.
“Asia’s luxury market is booming, and there’s a deep appreciation for high-end craftsmanship there,” she notes, “but Monaco remains my base. It’s heaven on earth here. It’s the perfect place for luxury.”
She frequently holds pop-up events in the Principality, with five to 10 in the works for 2025.
“Monaco is a great place for luxury brands—not just because of the clientele, but also the security. Here, people can wear fine jewellery without worry, which isn’t always the case in cities like Paris or London,” she says.
Reflecting on her journey, she has no regrets, saying, “I made the most of my time as a student and used everything I learned.”
For aspiring entrepreneurs, her advice is simple: “Be flexible. The world is changing fast—trends, technology, everything. If you want to succeed, you have to be willing to learn.”
As part of Monaco’s International Women’s Rights Day events in March, young women in the Principality will have the opportunity to connect with prominent female leaders and explore potential career paths at a special #GirlBoss speed mentoring session.
The Femmes Chefs d’Entreprises de Monaco (AFCEM) and SheCanHeCan are once again joining forces for International Women’s Rights Day, a worldwide initiative on Saturday 8th March.
Here in the Principality, a variety of events have been scheduled for that date under the Monaco Committee for the Promotion and Protection of Women’s Rights’ PowHer Day, which will focus on the representation of women in media, spanning cinema, advertising, video games, the arts and more.
A few days earlier, on Wednesday 5th March at the Hotel Columbus in Fontvieille, the Committee will support another initiative co-organised by AFCEM and SheCanHeCan: the #GirlBoss speed mentoring session. The event, set to begin at 3.45pm, aims to encourage young women to explore leadership roles and challenge gender stereotypes in the workplace.
SheCanHeCan promotes gender equality by challenging stereotypes and encouraging individuals to reach their full potential, regardless of gender. The association also launched Monarègles in 2020, an initiative aimed at breaking taboos around menstruation and increasing access to organic period products in schools, workplaces and institutions.
The AFCEM, meanwhile, is a network of female entrepreneurs that supports and promotes women’s leadership in business, facilitates professional collaboration and advocates for gender diversity in management.
The two associations will combine their expertise at the speed mentoring event, open to young women and girls aged 11 to 25, giving participants the opportunity to meet local female business leaders and senior executives from various industries. Through one-on-one mentoring sessions, participants will be able to ask questions, explore different career paths and gain insight into the challenges and successes women encounter in leadership roles.
The event’s guest of honour, Charlotte Casiraghi, will open the afternoon with a speech. More than 20 female professionals from the private and public sectors have also signed up to take part, representing industries such as finance, commerce, real estate, high-level sports, haute couture, logistics, pharmaceuticals, cosmetics, architecture, communications, hospitality, travel and the arts.
Among the public officials set to attend are Céline Cottalorda, Interministerial Delegate for the Women’s Rights Committee; Elodie Kheng, Chief of Staff to the Minister of State; Marine Grisoul, National Councillor; and Marina Ceyssac, High Commissioner for the Protection of Rights, Freedoms and Mediation.
The event comes at a time when women remain underrepresented in leadership positions and continue to receive less visibility in the media. By offering young women direct access to female leaders, the initiative aims to encourage career aspirations in decision-making roles and broaden perspectives on professional opportunities.
Those interested in registering for the event can sign up via the QR code displayed on the event poster or through this link.
The FIDE Women’s Grand Prix in Monaco heads into the final round with three players tied for the lead, setting up a decisive finish.
Monaco Life attended the eighth round of the FIDE Women’s Grand Prix at the Novotel Monaco on the 26th of February, where four of the five games ended with a decisive result. The standings are now tied at the top, with Kateryna Lagno, Batkhuyag Munguntuul, and Aleksandra Goryachkina all sharing the lead going into the final round.
The Monaco tournament, part of the 2024/25 Women’s Grand Prix series, is taking place from the 17th to 28th February, with the last round taking place on the 27th February. The series is held across several countries, with Monaco being one of the host locations.
The Women’s Grand Prix consists of six tournaments, featuring a total of 20 players. Each player competes in three out of the six events, and their best results contribute to their final standing in the overall series.
In the Monaco leg, 10 players from different countries are competing in a round-robin format, meaning each player faces every other participant once. The event brings together a mix of experienced Grandmasters and rising stars, representing nations such as Russia, China, India, Germany, Mongolia, and Kazakhstan. The Grand Prix serves as a key qualifier for the Women’s Candidates Tournament, which determines the challenger for the Women’s World Chess Championship.
Key results from round eight
Goryachkina defeated Sarasadat Khademalsharieh, capitalising on her opponent’s mistakes in a positional game. Khademalsharieh, who has now lost three games in a row, struggled to create counterplay. Goryachkina gradually improved her position and took control after her opponent lost a pawn without compensation. The game ended in resignation on move 50.
Lagno, who was leading by half a point, opted for a quick draw against Humpy Koneru after a long game the previous day. This pragmatic decision allowed her to maintain her position at the top.
Tan Zhongyi, who played against Bibisara Assaubayeva, did not allow any surprises. In their game, Tan took control after White made a series of inaccurate moves. A missed defensive resource on move 38 allowed Tan to secure a winning position, leaving Assaubayeva no way back.
Harika Dronavalli recorded her first victory of the tournament against Alexandra Kosteniuk in a tactical battle. Playing a King’s Indian Attack, Dronavalli gradually built up pressure before breaking through with an exchange sacrifice that exposed her opponent’s weakened king.
Munguntuul’s victory over Elisabeth Paehtz was one of the more dramatic games of the day. Playing with Black, Munguntuul made a practical piece sacrifice that disrupted her opponent’s coordination. Paehtz had a chance to hold but miscalculated, allowing Munguntuul to take full control and convert her two-pawn advantage into a win.
With three players now tied at the top, the ninth and final round on 27th February will determine the winner. Goryachkina and Munguntuul face each other in a crucial match, while Lagno plays against Khademalsharieh.
