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Month: September 2026

Julius Baer’s Monaco arm fined €1.5m over money-laundering failings

by: Cassandra Tanti
04/09/2026

Julius Baer Wealth Management (Monaco) has been fined €1.5 million by the Principality’s financial regulator for serious anti-money-laundering failings, the latest sanction against a portfolio management company as Monaco works to strengthen its defences against dirty money.

The penalty was handed down by the sanctions committee of the Autorité Monégasque de Sécurité Financière (AMSF), whose decision — dated 25th August — was published in the Journal de Monaco on Friday 4th September and on the authority’s website. It followed an on-site inspection of the firm carried out in October 2024.

What the regulator found

The AMSF upheld both grievances against the company in full. A portfolio manager wholly owned by the Zurich-listed Julius Baer group, the firm had 25 staff and 908 client accounts at the time of the inspection, 44.1% of them classed as high or very-high risk, with 91.2% held with Bank Julius Baer Monaco.

The first grievance concerned the way the firm organised its anti-financial-crime controls within the group. Under an intra-group agreement with Bank Julius Baer Monaco, it delegated due diligence on its highest-risk clients to the bank’s compliance department while keeping lower-risk clients itself. The regulator found the arrangement was insufficiently framed: the agreement set out neither clear criteria for classifying client risk nor a documented process allowing the firm to satisfy itself that the checks carried out by the bank were complete, sound and up to date. Information, it found, flowed in one direction, without any mechanism for consolidation or joint decision-making.

The effect, according to the decision, was that the firm had become dependent on the bank’s checks without the contractual means to exercise real control over them — despite remaining ultimately responsible for meeting its legal obligations. The regulator found this had fed through into wider weaknesses, from the application of its risk-based approach and the identification of beneficial owners behind complex structures to establishing clients’ source of wealth, screening against targeted financial sanctions and monitoring transactions.

Suspicion reports filed hundreds of days late

The second grievance concerned the late filing of three suspicious-transaction reports, each submitted to the AMSF’s financial-intelligence unit long after grounds for suspicion had emerged.

In the first case, the beneficial owner of a client — a Russo-British national — was linked, by press reports identified during a 2021 review, to a corruption scheme, yet the firm did not file its report until June 2022, some 393 days later. The second concerned a €5 million payment credited in May 2019 to a Monaco company owned by a politically exposed person, which came from a counterparty the firm had not identified and could not properly document; the report was not filed until July 2023 — 1,202 days, or more than three years, after the transaction. In the third, two outbound transfers in mid-2023 triggered internal alerts, one of them to a payee whose bank details appeared on an altered invoice with no apparent link to the company that had issued it; that report followed 239 days later.

The decision tied these delays back to the same governance weaknesses, finding that the split of responsibilities and information-sharing between the firm and the group bank had left it unable to report suspicions in time.

Named for three years

The €1.5 million fine was set against a statutory maximum of €10 million. The committee weighed the firm’s turnover, which rose from €25.7 million in 2023 to €27.9 million in 2025, and noted that it belonged to an international group with the resources to fund a compliant system.

The AMSF rejected the firm’s request to have the decision published anonymously, ordering it to appear in named form for three years before being anonymised. It observed that other entities in the Julius Baer group had already faced published anti-money-laundering sanctions since 2020 — in Switzerland, the United States, France and Singapore.

A year of enforcement

The penalty is the latest in a run of sanctions by the AMSF, which replaced the former SICCFIN in 2023 and now serves as both supervisor and Monaco’s financial-intelligence unit. In May it fined UBS (Monaco) €6 million, and in July it fined Moncrief Private Bank — formerly Banque Havilland (Monaco) — €1 million for repeat compliance failings. The drive comes as Monaco works to leave the Financial Action Task Force “grey list” of jurisdictions under increased monitoring, on which it was placed in June 2024.

See also: 

Moncrief bank, formerly Banque Havilland (Monaco), fined €1 million for anti-money-laundering failures

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Main photo by Monaco Life

 

Prince Albert II urges AS Monaco Basket to rebuild ‘on solid foundations’

by: Cassandra Tanti
04/09/2026

Prince Albert II has described the crisis surrounding AS Monaco Basket as a source of “profound disappointment”, urging the reigning French champions to rebuild “on solid foundations” after the club was shut out of professional basketball and forced to seek a place in France’s third tier.

In a statement issued by the Prince’s Palace on Friday 4th September, the Prince broke his silence on the turmoil that has engulfed the Roca Team, which lifted four domestic trophies only months ago but has since been barred from the Betclic Élite, Élite 2 and European competition over its finances.

From a clean sweep to the third division

The scale of the fall is stark. AS Monaco Basket completed a domestic quadruple in 2026 — the French championship, French Cup, Leaders Cup and Super Cup — and had been a fixture in the EuroLeague for five seasons, reaching the final in 2025. Yet on 3rd July the LNB’s financial watchdog, the DNCCG, refused to admit the club to the top two divisions for the 2026-27 season, citing its financial position. The FFBB’s appeals chamber upheld the ruling, and the CNOSF later recommended it stand.

On 28th August the French federation’s board declined to reopen the case, even after a new investor was reported ready to inject €10 million and the club said it had cleared its historic debts. On 1st September, the Roca Team announced it would apply to Nationale Masculine 1, pledging to refound its sporting, economic and social project on lasting foundations, with its youth academy at the centre of the rebuild.

‘A profound disappointment’

“The situation of AS Monaco Basket is, for many of us, synonymous with profound disappointment, and calls for clear-headedness and responsibility,” the Prince said. “Having already experienced similar difficulties in the past, in 1991, the club must today be able to rebuild on solid foundations.”

He credited the team with raising the Principality’s profile abroad, saying its performances, European standing and the enthusiasm it generates had “contributed greatly to Monaco’s international renown”.

‘An entire ecosystem to preserve’

The Prince called for the coming period to be approached “with seriousness, dialogue and a long-term vision”, stressing that the club amounted to far more than its first team. “Behind the professional team are employees, young people, directors, volunteers, supporters and an entire sporting ecosystem that must be preserved,” he said. “We must support the development of Monegasque basketball while guaranteeing stability, transparency and local roots.”

A message of confidence

Addressing those inside the club directly, the Prince said: “I address a message of confidence to the players, the staff, the directors, the volunteers and the supporters: these difficulties must be overcome collectively, with ambition and responsibility.” He also welcomed the Monegasque Government’s support for the club.

He closed by framing the sport as central to the Principality’s image. “Basketball has become a true showcase for Monaco. We must give it the means to continue its story and to contribute to the reputation of our Principality,” he said.

Should its application be accepted, Monaco would begin life in the third tier on 18th September at home to Berck — a world away from the EuroLeague nights of recent seasons, and with academy players expected to form the core of a much-changed squad.

See also: 

From champions to third tier: Roca Team reveals plan to rebuild

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Photo credit: Luke Entwistle, Monaco Life

UN warns El Niño is “off the charts” and “supersizing before our eyes”

by: Cassandra Tanti
04/09/2026

The United Nations’ weather agency has warned that El Niño is intensifying towards what could be the strongest event ever recorded, describing it as “off the charts” and forecasting with near-certainty that it will persist into 2027, raising the risk of extreme weather around the world.

The World Meteorological Organisation (WMO) issued the warning on Thursday at a press conference in Geneva, saying its forecasts showed a near 100 per cent likelihood that El Niño would last until February 2027, fuelled by exceptionally warm Pacific Ocean temperatures. It was the first time the agency had expressed such a degree of certainty.

‘Off the charts’

“If this trajectory continues, it may be stronger than anything since our monitoring began. So literally off the charts,” said WMO Secretary-General Celeste Saulo.

Sample Pacific Ocean temperatures in this year’s event — one of only four classed in the top “very strong” bracket in records dating back to 1950 — were already more than two degrees above normal, according to the WMO.

UN Secretary-General António Guterres said the science left no room for doubt about what was unfolding. “El Niño is being supersized before our eyes. The science leaves no room for doubt: the planet is in uncharted waters, and those waters are heating up,” he said.

What El Niño means for the weather

El Niño is a periodic warming of sea surface temperatures in the eastern Pacific, caused by weakening trade winds. It occurs naturally every two to seven years and tends to last up to 12 months. A very strong event can significantly shift rainfall and temperature patterns worldwide and fuel extreme weather such as typhoons.

The pattern often brings dry conditions and drought to Australia, Indonesia and southern Africa, while the west coast of South America, East Africa and the southern United States frequently see heavy rainfall. Europe tends to be less affected. This year’s event has already hit soft commodities in tropical regions, causing a severe food crisis across Central America’s “dry corridor”.

Warming into 2027

The WMO said El Niño would peak towards the end of this year, though its effects on global temperatures would carry into 2027. Average temperatures are often especially high in the year after an El Niño: 2024, the hottest year on record at around 1.6 degrees above pre-industrial levels, followed one.

“Normally after an El Niño event we tend to see a pulse in the global temperatures — a temporary one,” said Wilfran Moufouma Okia, the WMO’s chief of climate prediction services, referring to 2024. “2027 has the potential to be the warmest on record.”

Stepping up preparedness

Saulo said the agency was increasing its preparedness and early-warning efforts. “WMO is committed to working closely with partners across the United Nations and humanitarian system to provide the climate intelligence and insights needed to support disaster management and climate-sensitive sectors like agriculture, health, energy and water resources,” she said.

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Image is AI generated by Monaco Life

 

Traditional Bal du Marché set to return to La Condamine for a festive September evening

by: Virginia D’Umas
03/09/2026

On Saturday 12th September, the Marché de la Condamine will come alive as the traditional Bal du Marché returns for another vibrant neighbourhood celebration.

Kicking off at 7:30pm, the evening invites residents and visitors to gather in the heart of Monaco for an open-air guinguette atmosphere. Benty Brothers Music will set the tone for the night, providing a lively live soundtrack designed for singing, dancing and late-summer socialising.

Family attractions 

Beyond the dance floor, families attending can expect complimentary treats and amusements tailored for younger guests.

Dining and logistics 

Guests wishing to dine during the event can reserve tables directly through the participating market merchants. General entry to the celebration is entirely free, ensuring an accessible evening for the whole community.

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Bal du Marché 2025. Photo Credit: Mairie de Monaco 

Back to books: Monaco schools tackle fractured attention with return to print

by: Virginia D’Umas
03/09/2026
Monaco is pushing back against the growing grip of screens on young minds, bringing printed textbooks back into classrooms as part of a broader strategy to rebuild concentration, strengthen learning and preserve the Principality’s exceptionally high academic standards.

The Communication Directorate hosted a press event on Wednesday 2nd September at Lycée Albert-Ier to outline the upcoming academic term. Led by Lionel Beffre, Government Counselor and Minister of the Interior, alongside Jean-Philippe Vinci, Director of National Education, Youth, and Sports, the conference laid out the Principality’s strategic vision, priorities, and structural upgrades for the 2026–2027 school year.

Lionel Beffre, Government Counselor and Minister of the Interior, speaking at the press conference on Wednesday. Photo credit: Virginia D’Umas

Balancing innovation and academic rigour 

Monaco’s education leaders have outlined a robust roadmap for the 2026–2027 academic year, focusing heavily on reversing the ‘fracturation’ of student attention, reintroducing traditional print textbooks, and maintaining high academic standards. Speaking at the press conference ahead of the new term, Minister of Interior Lionel Beffre highlighted the exceptional state of the Principality’s facilities following extensive modernisation, saying: “After a year of intensive work, students are returning to an establishment offering optimal working conditions.”

He added that authorities placed equal emphasis on essential structural enhancements and aesthetic improvements, saying that: “Special attention was given to both the unseen upgrades – such as classroom digitalisation and soundproofing – and visible transformations, including fresh painting and upgraded catering areas.”

Beffre also pointed to the recent results in academic outcomes, saying that the Principality continues to achieve exceptional academic results, noting a success rate rising to 99.5% for the baccalaureate—with 53 laureates achieving ‘Very Good’ honours—alongside a 100% pass rate for BTS students. Furthermore, 95% of terminal students secured a Parcoursup offer, while 24% gained admission to competitive institutions outside the platform, including Oxford, Cambridge, and elite French preparatory classes.

Tackling the digital ‘fracturation’ of attention 

Director Jean-Philippe Vinci dedicated a significant portion of the briefing to the psychological and neurological impact of digital consumption on modern youth. Citing the reflections of philosopher Simone Veil from 1942, Vinci warned that modern schooling faces a severe challenge from digital distraction.

“We are no longer simply in the fragmentation of attention, meaning passive distraction; we are today in what we scientists call the ‘fracturation’ of attention,” Vinci explained, adding: “It fractures, like we fracture a molecule, we fracture attention, and we extract evidently the consciousness, the data, and it’s a phenomenon extremely important, subterranean, and very powerful.”

To combat this, the Principality is expanding its low-tech interventions. Following successful trials, 6th and 5th-grade secondary students will receive physical, government-funded paper manuals to use in class, allowing them to leave digital devices at home during school hours. “Print is not obsolete, but acts as a technology of attention that aids deep memorisation and allows teachers to accurately track pupil engagement,” Vinci said. He also pointed to international shifts—such as Sweden reversing its heavy reliance on digital tablets after observing dips in PISA scores—as validation for a more balanced approach between screens and paper.

Clean water, clear focus: The new academic roadmap

Building on these core philosophies, the education department has structured the new academic year around several distinct priorities. Public and private systems welcome 5,652 students this year, supported by 533 teachers and 375 non-teaching staff, with Beffre highlighting that capping class sizes remains vital to safeguarding educational quality.

Mathematics and sciences will receive renewed emphasis, building on the success of the Mathematics Olympiads which engaged over 300 students last year, while guidance counselling is also being restructured through individualised follow-ups and partnerships with bodies like the Junior Chamber of Commerce to better connect students with modern career paths.

Expanding cultural and musical education remains a major focus, as early childhood music initiatives developed alongside the Académie Rainier III expand from pilot kindergarten classes into a universal programme where professional musicians visit schools weekly. 

Additionally, middle school CHAM schedules have been streamlined to give students dedicated time for daily instrument practice. 

Infrastructure and catering upgrades are also moving forward; following the successful launch of the Charles III College swimming pool, works have begun on the Saint-Charles school pool ahead of a late 2026 completion, and a revamped school catering contract with SMR will guarantee larger portions, increased on-site preparation, and at least 40% organic or local produce.

With health controls successfully managing minor technical anomalies like a standard trace of legionella at Charles III College prior to term, and preparations for the upcoming Youth Games well underway, Monaco’s education authorities have ensured that schools open their doors with both security and academic rigour firmly prioritised.

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Main photo: Jean-Philippe Vinci, Director of National Education, Youth, and Sports. Photo Credit: Virginia D’Umas

Prince Albert II calls for stronger multilateralism as Monaco hosts Council of Europe ambassadors

by: Cassandra Tanti
03/09/2026

Prince Albert II has urged European nations to defend multilateralism, dialogue and the rule of law as Monaco hosted ambassadors from the Council of Europe’s 46 member states during its first presidency of the organisation’s Committee of Ministers.

Speaking at a reception at the Prince’s Palace on Wednesday 2nd September, the Prince said no country could confront the challenges facing Europe alone.

“In the face of the war against Ukraine, in the face of growing distrust between nations and the rule of law being called into question, multilateralism and dialogue remain irreplaceable,” he said.

“The Council of Europe, with its conventions, its Court and its monitoring mechanisms, offers an indispensable framework, one that it falls to us collectively to preserve, to defend and to strengthen.”

Prince Albert II welcomed the representatives alongside Princess Charlene following a meeting of the Committee of Ministers hosted in the Principality. It was the committee’s first gathering since the summer break and took place under Monaco’s six-month presidency, which continues until November.

Monaco joined the Council of Europe in 2004. The Prince described its first presidency of the committee as “the fruit of a long endeavour” and an opportunity for the Principality to share its values and commitments.

“The protection of all, through an organisation equipped to meet the challenges of our time,” would remain the central focus of Monaco’s work, he said.

Europe facing a single threat to democratic security

Earlier in the day, Council of Europe Secretary General Alain Berset told the assembled ambassadors that Russia’s war against Ukraine, instability in the Middle East, migration and foreign interference should not be treated as separate crises.

Instead, he said, they formed a broader threat to Europe’s democratic security that required a united response. The same principle should guide reform of the Council of Europe itself.

On Ukraine, Berset pointed to intensifying Russian airstrikes, civilian casualties and rising tensions around the Black Sea and in Baltic airspace. He said maintaining European unity around Ukraine remained essential and called for Europe to play a direct role in efforts to secure peace.

The conflict was taking place on European soil, he stressed, and could not be resolved without Europe’s involvement. He also referred to a new Council of Europe action plan for Ukraine.

Middle East, migration and foreign interference

Turning to the Middle East, Berset said the renewed escalation demonstrated how quickly conflict in the region could affect European security.

He called for international law to be respected, civilians to be protected and humanitarian access to Gaza – where he described the situation as catastrophic – to be guaranteed. He also affirmed Israel’s right to security.

On migration, Berset referred to the recent crisis in Ceuta, where more than 100 people reportedly died after large numbers attempted to cross from Morocco into Spain.

While recognising the right of member states to control their borders, he said the Council of Europe was working towards a collective response to migrant smuggling.

Prince Albert II, meanwhile, placed Monaco’s presidency within the Principality’s longstanding commitment to solidarity, progress and the protection of life.

“At a time when the world is passing through a period of profound instability, when crises follow one another and compound one another, these commitments, like those that have guided the Council of Europe since its foundation, must be reaffirmed,” he said.

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Photo credit: Michael Alesi / Palais princier)