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Monaco to “step up” financial crime action after damning Moneyval report

by: Cassandra Tanti
23/01/2023

The Prince’s Government has expressed its “full support” for recommendations made by Moneyval that Monaco should “step up” its efforts to investigate and prosecute money laundering, to confiscate and recover proceeds of crime, and to strengthen its supervisory system.”

In a report released Monday 23rd January, the Council of Europe’s anti-money-laundering body Moneyval encourages Monaco to “further strengthen measures to combat money laundering (ML) and financing of terrorism (FT), in particular when it comes to investigating and prosecuting money laundering, confiscating and recovering proceeds of crime as well as strengthening its supervisory system”.

The report provides a comprehensive assessment of the Principality’s level of compliance with the Financial Action Task Force (FATF) Recommendations up until its last visit in March 2022.

Despite its “considerable work” in identifying risks, the Principality is called upon to “intensify its efforts”. Monaco is criticised for a number of “modest” investigations into money laundering, and a “very low number of convictions obtained, as well as an even smaller number of confiscation measures ordered”, which raises “concerns”, says Moneyval.

“While the achieved results provide an initial risk understanding in some sectors, further analysis is needed regarding others (casinos, company services providers, trusts and virtual assets).”

Immediately following the release of the report, the Prince’s Government responded in a public statement, noting the developments made in the months preceding Moneyval’s final visit. “We have already taken measures to strengthen our system and notable progress has recently been made,” said Minister of Finance and the Economy Jean Castellini. “Following the recommendations of Moneyval evaluators, the National Council (the Monegasque Legislative Assembly) adopted several pieces of legislation at the end of 2022, particularly in areas as important as international mutual legal assistance, seizure and confiscation of instruments, and proceeds of crime.”

The committee noted that the Monegasque Financial Intelligence Unit (SICCFIN) is a key source of financial intelligence and has proven its capacity to produce high-quality analysis, however it believes it “is not being fully used by the investigative authorities”.

The report “expresses concerns regarding the very low number of convictions achieved, and the even lower number of confiscation measures ordered, none of which covers property of equivalent value or property held by third parties.”

“Monaco needs to enhance its efforts to identify and prioritise ML cases, seize, confiscate and recover the proceeds of ML and predicate offences.”

In regards to non-profits, Moneyval notes that the applicable ML sanctions are “not dissuasive and are rarely imposed”.

Moneyval also found that the number of suspicious transaction reports (STRs) from the banking sector are “satisfactory”, however the number of STRs filed by casinos and jewellers are “still limited, even though the two sectors play an important role in the Principality”.

As a result of its findings, Moneyval has applied its “enhanced follow-up procedure”, or 12-month monitoring of the Principality, with Monaco to provide a report by December 2024.

“In line with the vision of Prince Albert II, who wants Monaco to be exemplary in terms of ethics, transparency and the fight against money laundering, the Principality is determined to continue implementation of Moneyval’s recommendations in order to comply with the highest international standards at the end of the 12-month monitoring period,” said Minister of State Pierre Dartout. “This exemplarity in the fight against money laundering and the financing of terrorism is essential for Monaco in terms of its raison d’être and attractiveness. We are therefore going to continue and step up our action. The Principality has the capacities and the resources to reach the highest level within the prescribed timeframe”.

The Government says that it has set up a Monitoring Committee responsible for adopting the recommendations of the report, which will be accompanied by “reputable and experienced experts” throughout the process.

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Photo by Monaco Life

 

SEE ALSO:

RUSSIA-UKRAINE WAR: MONACO TARGETS THOSE WITH UNDISCLOSED LINKS TO RUSSIA

MONACO NATIONAL COUNCIL AGREES ON CONCRETE REFORMS TO LEGAL SYSTEM

The official celebration of Chinese New Year in Monaco

by: Cassandra Tanti
21/01/2023

Chinese New Year, the most important festival of the Chinese community throughout the world, will be celebrated during a special gala dinner at the Hôtel Hermitage supported by the Embassy of Monaco in China.

Chinese New Year officially begins on 22nd January 2023 under the sign of the rabbit, and more specifically the water rabbit.

Celebrations of Chinese New Year traditionally last for 16 days, stretching to the Lantern Festival on 5th February 2023.

To mark the occasion, Monaco Dragon Prestige and the Monaco-China Association are organising a gala in the Salle Belle Époque of the Hôtel Hermitage on Tuesday 24th January at 7pm. The evening will be supported by the Embassy of Monaco in China.

According to the organisers, “the event will combine Chinese and Mediterranean tradition and gastronomy in a glamorous and prestigious atmosphere. Dragon dance, popular Chinese and international songs, and shows will accompany the festive meal prepared especially for this unique evening by renowned chefs”.

The evening is expected to be attended by Monegasque and Chinese guests from the political, economic and cultural spheres, and will be opened with a speech by Her Excellency the Ambassador of Monaco to China. Also present will be representatives of the Chinese community from various European countries, including journalists, influencers and travel agents.

For more information: info@monacodragonprestige.com

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Photo credit: Ng Jing Xuan on Unsplash. Note this story was originally published on 11th January 2023. 

Prince Albert pushes for ocean funding at Davos

by: Stephanie Horsman
19/01/2023

Prince Albert II is at the World Economic Forum in Davos, rallying the world’s leaders behind a movement to direct much more money towards mitigating the harm that is being done to the world’s oceans and biodiversity.

It would hardly be surprising that Prince Albert is championing his favourite causes at the world summit current taking place in Davos, Switzerland.

He hit the ground running this week, attending a series of events dedicated to the conservation of polar regions, the role of philanthropy and finance in stopping climactic catastrophe, climate change and ocean issues.

The Prince opened a talk called ‘Unpacking the Polar Crisis’, where he put a fine point on the importance of protecting the Arctic and Antarctic, saying “Because although the Polar regions concern us all, above all they are dependent on the action of all of us – these regions in which the key challenges and key solutions in regard to our planet’s health are concentrated.”

Furthermore, he called for action from governments, NGOs scientists and businesses to enlist the help of indigenous people in these areas to make effective and lasting change.

At the ‘Finance and Pension Funds for Ocean Health’ session, Monaco’s Sovereign spoke passionately about ocean preservation and how interlinked the health of the seas is to climate and biodiversity. He went on to say that political, financial and scientific resources and funds are woefully short of what is needed to mitigate the situation facing the oceans.

“They all chart a path which I believe is vital: a path to promote ocean action which is not limited to initiatives with unrecoverable funds, but one which creates a new logic for a blue economy, in which nature is no longer a secondary datum, even a negative externality, but the source of new growth,” he declared.

Only 2% of capital raised by charitable institutions and causes is directed toward climate-related issues.

On Thursday 19th January, the Prince Albert II Foundation and Crescent Enterprises co-hosted a high-level event on Climate and Nature Positive Philanthropy in the presence of Prince Albert. The meeting was a prelude to the launch of the Global Philanthropy Alliance for Climate and Nature at COP 28 at the end of this year in Dubai.

The alliance will aim to forge a coordinated approach to foster effective solutions for long-term impact and create awareness and drive catalytic capital to unlock private finance and multilateral commitments to tackling climate change.

“We are here to act! To try to put an end to this strange situation which means that only a tiny fraction of philanthropic resources are allocated to an issue which undoubtedly has the most consequences for the future of Humanity: the preservation of the environment,” said Monaco’s Head of State. “Let us act, by persuading philanthropists to redirect and increase their contributions, by creating financial and evaluation tools on the ground that will allow us to make these resources fully effective, by mobilizing our contemporaries, businesses and institutions, and by encouraging multilateral institutions to be more ambitious.”

Philanthropic foundations have seen their funding triple over the past five years, from $900 million to $3 billion per year, but still, the amounts fall short of what’s needed. It is estimated that only 2% of capital raised by charitable institutions and causes is directed toward climate-related issues.

Again, the Prince called for action, asking the new alliance to step up their game by mobilising resources to protect the climate, the ocean and biodiversity, promoting solutions with a long-term impact, raising public awareness and raising capital to unlock private finance and multilateral commitments to fight climate change. The price tag for this, he says, is about US$100 trillion to put things right by 2050.

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Ineos enter bid to acquire Manchester United

by: Luke Entwistle
19/01/2023

A spokesperson for Ineos has confirmed that the OGC Nice owners are “fully in the process” of attempting to acquire Premier League giants Manchester United.

Things are looking up for the Red Devils on a sporting level, but the club is still up for the sale after the Glazers, owners of the Premier League club since 2005, stated their desire to sell the club back in November 2022.

According to The Times, Sir Jim Ratcliffe, the head of Ineos, has been keen on purchasing Manchester United since August and was vocal in his interest in the club. The Monaco resident had previously made an official bid to buy Premier League rivals Chelsea back in April 2022, but that ultimately failed, with the club being bought by Todd Boehly.

An Ineos spokesperson has now confirmed that the company are “fully in the process” of attempting to buy Manchester United. Ratcliffe is himself a fan of the club, having been born in Manchester.

It is unclear what the potential purchase of the club would mean for their current club, OGC Nice. Rules dictate that two clubs with the same owner cannot face off in European competition, meaning that should Manchester United qualify for the Champions League, Les Aiglons could only feature in the third tier of European competition, the Europa Conference League.

 

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Photo source: Manchester United/Facebook

SBM’s Biamonti announces early departure

by: Cassandra Tanti
17/01/2023

The Société des Bains de Mer has confirmed that outgoing Deputy Chairman Jean-Luc Biamonti will be stepping aside for his successor Stéphane Valéri earlier than expected.

In his traditional new year address to SBM staff on Monday 16th January, the long-running deputy chairman announced that he will be stepping down at the end of a Board of Directors meeting on 23rd and 24th January 2023. He was due to maintain his role until the board meeting of 31st March.

Biamonti has been director since 1985, chairman of the board of directors since 1995 and deputy chairman since 2013. On Tuesday, he congratulated his team on helping the company achieve excellent results. “With all my heart, I wish the best for this magnificent company and for all of you,” he said.

According to Biamonti, figures so far indicate that SBM is on track this financial year to break the 2007/2008 operating record.

Former National Council President Stéphane Valeri, who was due to step into his position on Monday 3rd April, will be officially appointed at the end of the Board of Directors in January.

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Photo: File photo by Monaco Life

 

SEE ALSO:

Jean-Luc Biamonti: “I will leave SBM in good shape, and with a warm heart”

Introducing ‘This Week in Monaco’, a weekly Podcast by Monaco Life

by: Cassandra Tanti
12/01/2023

Didn’t get a chance to read all the news that we published this week? Then listen to ‘This Week in Monaco’, our new Podcast where we talk to the journalists behind the headlines.

In this edition of This Week in Monaco, we talk about:

  • The impact of France’s pension reform
  • The dangers of hunting season
  • Auction fever hits Monaco
  • Top investments for 2023
  • The next phase of Monaco’s digital transition
  • The Paris-Nice cycling race
  • The latest AS Monaco football news

Total time: 18 mins.