The Minister of State received the members of the Financial Activities Control Commission (CCAF) for a working lunch.
Established by Law No. 1.338 of 7 September 2007 on financial activities, the CCAF is an independent administrative authority responsible for supervising the financial activities of the Monegasque square.
Chaired by Jacques-Henri David, the Commission is composed of 9 members:
- 7 members, including the President, chosen for their competence and appointed by Sovereign Ordinance for a period of 5 years (renewable);
- the President of the Monegasque Association of Financial Activities;
- the President of the Order of Chartered Accountants.
A magistrate and a Government Commissioner participate in the meetings of the Commission without voting rights.
The Commission, in complete independence and under the authority of its President:
- rule on the applications for approval after having proceeded to their instruction and delivers them;
- ensures the regularity of the operations carried out by the approved companies;
- receives and hears the claims submitted to him by any person proving an interest;
- carry out checks in order, if necessary, to put an end to the irregularities found;
- pronounces administrative sanctions;
- concludes cooperation agreements with foreign counterparts.
For more information: http://www.ccaf.mc/en