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Day: 22 June 2026

Monaco’s tax treaty with the UAE enters into force

by: Cassandra Tanti
22/06/2026

Monaco’s double taxation agreement with the United Arab Emirates has officially entered into force, nearly five years after it was signed in Dubai, according to a Sovereign Ordinance published in the Journal de Monaco.

Sovereign Ordinance n° 11.964, signed by Prince Albert II on 12th June and published on 19th June, makes the convention fully enforceable in the Principality from 12th June 2026. The agreement governs how income tax is applied between the two states and is aimed at preventing tax evasion and fraud.

A treaty five years in the making

The convention was signed in Dubai on 13th November 2021, in the presence of Prince Albert II, by Monaco’s then Minister of Finance and Economy, Jean Castellini, and the UAE’s Minister of State for Financial Affairs, Mohamed Bin Hadi Al Hussaini. The signing took place during Monaco’s National Day celebrations at Expo 2020 Dubai, and was Monaco’s 36th tax treaty at the time.

The agreement follows the OECD’s model tax convention and incorporates measures from the international Base Erosion and Profit Shifting project, which seeks to prevent multinational companies from artificially shifting profits to lower-tax jurisdictions. It sets out which of the two states holds the right to tax different categories of income, including dividends, interest and royalties, removing the risk of the same earnings being taxed twice.

Implementation under existing rules

The ordinance applies the treaty under the framework of Monaco’s 2010 ordinance on international tax cooperation, with Monaco’s Secretary of State, Secretary of State for Justice and Minister of State responsible for its implementation.

Monaco has built up a network of dozens of double taxation agreements over the past two decades as part of efforts to align its tax framework with international standards, following commitments made under Prince Albert II from 2009 onwards.

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Photo of Dubai, credit: Aj Ahamad, Pexels

Monaco launches new network for graduates entering the job market

by: Cassandra Tanti
22/06/2026

Monaco’s Commission for Graduate Employment (CID) has launched CID Alumni, a new network designed to strengthen ties between the Principality’s graduates and support their professional development.

The community was officially launched on Tuesday, bringing together former CID beneficiaries, young graduates currently entering the workforce, and Monegasques returning to the Principality after studying or working abroad. It is intended to encourage the sharing of experience and opportunities through networking events and themed discussions, with mentoring schemes planned further down the line.

A decade of supporting young job-seekers

The CID was created in 2010 on the initiative of the Prince’s Government, operating under the Department of Social Affairs and Health to help students and young graduates find their footing in the job market. Since then, close to 2,700 young people have received individual support through the commission, with an employment rate of around 78% among those it has helped.

Government cites importance of in-person networking

“With the creation of the CID Alumni community, we are taking a new step forward: that of an active and supportive network, serving young people, in the image of the dynamism of our economic fabric,” said Minister of State Christophe Mirmand, who chairs the CID.

Christophe Robino, Government Councillor-Minister for Social Affairs and Health, meanwhile, acknowledged the rationale behind the initiative. “In an environment where artificial intelligence and social media occupy a prominent place, it is essential to remember that opportunities still rely heavily on human encounters and direct exchange,” he said.

The government has framed the launch as part of its wider commitment to supporting the professional integration of young people within Monaco’s economic and social fabric.

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Basketball: Monaco defeat Paris 96-84 to force winner-takes-all Game 5

by: Kayla Sauceda
22/06/2026

After a difficult loss to Paris on Friday night, AS Monaco returned to Salle Gaston Médecin on Sunday 21 June knowing a loss would end their season. With support from a vocal home crowd, the Roca Team delivered their most impressive performance of the Betclic Elite Finals, defeating Paris 96-84 to level the series at 2-2, forcing a decisive Game 5 in Paris.

The atmosphere inside the arena was evident throughout the game, with Monaco feeding off the crowd’s energy to build an early lead. Although Monaco’s three-point shooting remained relatively quiet, their improved free-throw efficiency allowed them to claim those extra points and gradually pull away, closing the opening quarter with a 27-16 lead.

Monaco continued to push for control in the second quarter. With four Paris turnovers in the first three minutes of the quarter, Monaco seized the opportunity. Steadily, the team worked together to push their lead beyond 20 points midway through the quarter. Despite Paris utilizing free throws to remain within reach, their shooting efficiency fell to 25% for the quarter. Combined with six turnovers and four Monaco steals, the Roca Team capitalized on extra possessions to build a 21-point lead going into halftime.

Paris attempted to respond after the break, cutting Monaco’s advantage by five points early in the third quarter. However, Monaco responded immediately, forcing additional turnovers and restoring their lead beyond 20 points. Although Paris found more success shooting than in the first half, they struggled to generate enough shooting opportunities to significantly impact the score. Monaco continued to dominate both ends of the floor, with a late run stretching their lead to 29 points. A buzzer-beating three-pointer from Matthew Strazel finished the quarter, sending the teams into the final 10 minutes with Monaco leading 83-55.

With a substantial lead, the largest of the series, Monaco remained composed throughout the fourth quarter. Despite the series reflecting some late-game struggles, Monaco was able to maintain their lead this time. Although Paris gradually reduced the deficit, the Roca Team answered, not allowing a meaningful comeback opportunity. With this lead, Monaco was even able to bring in Espoir players for the final moments, giving more members of the team an opportunity to contribute before securing a 96-84 victory.

The Betclic Elite Finals are level at 2-2, setting up a winner-takes-all Game 5 in Paris, where Monaco and Paris will battle for the French championship.

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Photo credits: AS Monaco Basket

Monaco’s Oceanographic Museum wins international award for immersive ocean exhibit

by: Cassandra Tanti
22/06/2026

The Oceanographic Museum of Monaco has won the Museum category at the MONDO-DR Awards for Oceano Odyssey – Mission Pelagos, the immersive experience built into its Méditerranée 2050 exhibition.

The prize was awarded on 17th June at InfoComm, a trade show for audiovisual and immersive technology held in Las Vegas, where the project was selected from four international finalists in the category. The Mondo-DR Awards, run by the magazine of the same name, recognise the year’s standout achievements in audiovisual and immersive technology and systems integration, covering museums, theme parks, attractions and other cultural and entertainment venues. Finalists are first assessed by an independent panel of international experts before going to a vote among industry professionals.

A vision of the Mediterranean in 2050

Oceano Odyssey sets out to imagine what the Mediterranean might look like in 2050 if today’s conservation commitments were fully honoured. The experience was designed with the agency Artisans d’idées and installed inside the Whale Room, one of the museum’s most recognisable heritage spaces, combining immersive staging, scientific narration and audiovisual technology.

Using 27 4K laser projectors and spatial sound across a 310 square metre installation, visitors board a fictional exploration vessel for a 16-minute journey through the Pelagos Sanctuary, encountering 30 species associated with the Mediterranean, including loggerhead turtles, fin whales, sperm whales and Risso’s dolphins. The scenario depicts a future in which 30% of the region’s marine waters have been placed under protection, restoring a marine ecosystem still under pressure today.

Using digital technology to educate and raise awareness is a key aspect of this year’s exhibition. Photo credit: Frederic Pacorel

Museum director credits technology in service of storytelling

Robert Calcagno, director general of the Oceanographic Institute, said the project reflected the museum’s commitment to “constantly inventing new forms of mediation to help people get to know, love and protect the Ocean.” Of the award itself, he added that it spoke to “our wish to combine scientific excellence, technological innovation and emotion to bring the public closer to the major challenges of marine conservation, spark curiosity and, above all, give everyone the desire to act.”

The Oceanographic Institute, founded in 1906 by Prince Albert I, runs the Oceanographic Museum in Monaco alongside the Maison de l’Océan in Paris, and has backed the Méditerranée 2050 exhibition with support from the Prince’s Government, CFM Indosuez Wealth Management and Rolex, among other partners.

See also: 

Inside Méditerranée 2050: the ocean exhibition that dares to dive into the future

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Photo credit: Frederic Pacorel

Monaco clears major hurdle in bid to exit FATF grey list

by: Cassandra Tanti
22/06/2026

The Financial Action Task Force has made an initial determination that Monaco has substantially completed the action plan it was set in 2024, paving the way for an on-site assessment of the Principality’s anti-money laundering reforms.

The finding came at the FATF’s June Plenary, held in Paris from 15th to 19th June, where the watchdog adopted Monaco’s fourth progress report since the action plan was drawn up. Monaco made a high-level political commitment in June 2024 to work with the FATF and Moneyval to strengthen its AML/CFT regime, and the FATF said it has now made the “initial determination that Monaco has substantially completed its action plan and warrants an on-site assessment”.

The assessment will verify that implementation of the reforms “has begun and is being sustained”, and that the political commitment behind them “remains in place to sustain implementation in the future”.

Six reforms cited by the watchdog

The FATF credited Monaco with six specific reforms: strengthening its understanding of the risks tied to money laundering and income tax fraud committed abroad; a sustained increase in outbound requests to identify and seize criminal assets held overseas; tougher sanctions for AML/CFT breaches and for failures to meet basic information and beneficial ownership requirements; completion of its resourcing programme for the Financial Intelligence Unit alongside improved quality and timeliness of suspicious transaction reporting; greater judicial efficiency, including additional resources for investigative judges and prosecutors and more dissuasive sanctions for money laundering; and an increase in the seizure of property suspected to derive from criminal activity.

The Principality’s own account of the process credits the progress to closer cooperation between Monegasque authorities, coordinated through the Committee for Coordination and Monitoring of the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, Proliferation of Weapons of Mass Destruction and Corruption. The committee, which answers to the Minister of State, has been supported since August 2024 by a dedicated permanent secretariat.

On-site visit to follow

An on-site assessment is required before the FATF’s preliminary finding can be confirmed. The visit, for which no date has yet been set, will examine whether Monaco’s reforms have moved beyond legislation and resourcing to become embedded, sustained practice within the relevant institutions.

In a statement, the Prince’s Government thanked the FATF for the quality of its discussions with Monegasque authorities throughout the process, and also acknowledged the support of the Moneyval Committee.

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Phot credit: Cassandra Tanti