Articles
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- Category: Interviews
Monaco: a financial centre in the heart of Europe, on the shores of the Mediterranean.
Interview with Jean Castellini, Government Advisor for Finance and Economics.
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For the first AMAF luncheon conference of 2013, the President, Mr. Etienne Franzi, invited Mrs. Danièle Nouy, Secretary General of the Prudential Control Authority (ACP), to address an audience of more than one hundred AMAF members, accountants and insurers on the theme The Evolution of Banking Regulation and Supervision.
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Mr Leggat-Smith, president of the Monaco Association for Professionals in the Administration of Foreign Structures, confirms that the organisation has forty members and was created in 2004, although its foundations were laid in the 1990s, when the government of Monaco wished to establish a link with what are generally known as Corporate Service Providers.
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- Category: Legal Environment
The financial statements of a firm or a group are a major part of its financial communication. But, the rules determining the presentation of these financial statements may vary whether they are international (International Financial Reporting Standards – IFRS) or local (e.g. US GAAP, French norms, UK GAAP etc…). Though, we could identify a global use of the IFRS in most of the industrialized and emerging countries, what about Monaco, a major financial platform, where accounting rules are not well known?
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By order Ruler published on December 21st 2012, H.S.H. Prince Albert II appointed Jean Castellini at the post of Minister of Finance and Economy. Jean Castellini thus succeeded Marco Piccinini on December 26th 2012.
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The Monaco Private Equity and Venture Capital Association has existed for six years. Its president, Zsolt Lavotha, explains its objectives.
'Our organisation, MVCA, aims to attract new investors to Monaco. At the same time, it strives to promote a category of assets which has long existed and which is now becoming more popular: private equity.'
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This Monday 3 December Etienne Franzi, Chairman of the Monegasque Association of Financial Activities, and Isabelle Rusabrunetto, Director of the Budget and Treasury Department, signed the second amendment to the agreement constituting the Monegasque Credit Guarantee Fund.
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GDP: "An encouraging positive sign for the economy"
4.37 billion euros: according to the Monegasque Institute of Statistics and Economic Studies (IMSEE) this is what Monegasque Gross Domestic Product was in 2011. Lionel Galfré, director, specifies that the weighting of the financial and insurance sector has remained stable. Explanations...
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- Category: Legal Environment
The Monegasque banking and financial marketplace, renowned for its conscientious approach and strict confidentiality, has adopted tough ‘know your customer’ legislation. The Act stipulates that the banks and other professionals covered by it must carry out customer checks.
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Banque Populaire Côte d’Azur, represented by Dominique Guignard, Director of the Monegasque branch, together with the Chambre de Développement Economique and the insurer Gramaglia, organised a conference-debate on country risk on the 18th October, led by Nicolas de Buttet, Arbitrage Director at Coface.
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- Category: Training
Apprenticeships in the Principality are not limited to manual trades. Every year since 2007, around 15 students qualified to Bac+2 level can access to training for banking jobs which alternates theoretical classes and placements with companies. The results speak for themselves.
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As in every year, the Monaco Financial Markets Association (ACI) provides courses, given at no cost by recognised professionals from the Monaco Financial Market. These are the timetables.
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On Tuesday, 18 September 2012, Bernard Rousselot, President of the Commission for Promotion of the Financial Market of Monaco at the Monaco Association of Financial Activities (AMAF), Jean Castellini, member of the AMAF Board, Jean Dastakian, Secretary General of AMAF, and Laurence Genevet, Director General of EPI Communication, introduced the new website, dedicated to the dynamic and coordinated promotion of the Monaco Financial Market, ‘Monaco for Finance’ (www.mff.mc).
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- Category: Products and Services
No longer just a possibility, it will soon be a requirement. A European regulation is establishing an internal market for payments in euros, to be in place by February 2014. It is essential for businesses to start mobilising now. Explanations.
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The Monegasque company Société d’Exploitation et de Gestion des Entrepôts de Monaco (S.E.G.E.M) was created last summer in Fontvieille. Claude Valion, its President, has a very clear objective. He aims to promote Monaco’s art market.
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- Category: Legal Environment
Since February the Financial Action Task Force (FATF) has adopted 40 new recommendations. The aim of this review is to update and strengthen the framework of recommendations in response to the new dangers that threaten the international financial system.
