Articles
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- Category: Products and Services
Monaco began transforming its financial center in the early 2000s following a worldwide trend, which has brought on increased fiscal transparency. This evolution both predictable and inevitable, has led to a concentration of banks: their number has been reduced from 45 to 30 so far, but these changes remain a real opportunity for Monaco!
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- Category: Living in Monaco
Since its creation, the Monegasque Association of Financial Activities (AMAF) - which is at the heart of the action and reflection on reforms necessary for the development of the financial centre in the Principality - has proposed many meetings held throughout the year. In this context, a lunch debate was held on 31 January, with the attendance of many personalities including H.E. the Minister of State Serge Telle, Government Counsellor – Minister of Finance and Economy Mr. Jean CASTELLINI, the new CCAF President Mr. Gérard RAMEIX, and his predecessor Mr. Jacques-Henri DAVID. During the debate the Governor of the Bank of France, Mr. François VILLEROY DE GALHAU, spoke. Here is an extract from the talk he gave on a speech he delivered on the outlook for 2019:
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- Category: Legal Environment
Protecting clients is at the heart of the work of all banking and financial regulators.
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Gregory Moscato, holder of a PhD in finance, directs the Master in Finance at the International University of Monaco (IUM). In charge of the Finance Certification programme at IUM since 2014, he has been mandated by the Monegasque Association of Financial Activities to supervise the new Confidentiality Certification programme. Meet him.
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- Category: Legal Environment
SICCFIN, the Principality's Financial Intelligence Unit (FIU), represented by Philippe Boisbouvier, Karine Imbert and Jenny Perrot, took part in an inter-sessional meeting of the EGMONT Group, held in Jakarta, Indonesia, from 29 to 31 January 2019.
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- Category: Legal Environment
Law 1448, adopted on 28 June 2017 by the National Council complements the existing provisions and consolidates the entirety of Monegasque private international law into a single instrument.
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- Category: Legal Environment
ICOs are revolutionising traditional fundraising but they are still subject to legal and fiscal insecurity. As the token has no legal qualification, which is required for tax matters, especially for applying VAT, the challenge is to decide whether the tokens are equivalent to cash, securities or the supply of goods or services.
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SICCFIN is currently increasing the security of its IT system, which will also improve its analytical capacity, making it possible, in the long term, for professionals in the local financial sector to send reports of suspicious transactions to SICCFIN electronically.
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Last October, the Monegasque Association of Financial Activities organised a conference on individual discretionary management. Speakers included Mr. Vincent Ollivier, Fund Manager with GFG Monaco SAM, who talked about "Equity low volatility strategies". We questioned him on this subject.
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- Category: Interviews
The Sovereign Prince and the Government of Monaco have made the digital transition a priority. Digital transformation of the Monegasque economy is a key priority within this context. Frédéric Genta, an ESCP Europe graduate with a Harvard MBA in finance and economics, is now the interdepartmental delegate charged with the digital transition, with a team of over 100 people. For us, he details his approach to contribute to growth of the Monegasque financial centre.
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- Category: Legal Environment
On paper, the idea of a SMART CONTRACT is one of the most innovative advances enabled by blockchain. In a regulatory context where many countries have relaxed their requirements for contractual formalities (particularly by implementing legislation on electronic signatures), blockchain has introduced the notion of a self-generating “smart” contract.
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Trust is a vital element of the economy[1]. Traditionally it is based on centralised and established components such as companies, institutions, states, and currencies. However recent crises (subprime, Greek public debt, etc.) have weakened this trust and the entire model it is supports. At the same time, distributed ledger technology (DLT, or blockchain) began to develop and "dispenses with the need for trust in other parties, which is based instead on a network of nodes (servers) that validate all sorts of transactions and information, with or without legal value, in a secure manner and in real time (or almost)"[2]. Rather than placing trust in a single, fallible entity, it spreads the trust among independent players that control one another.
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The strong growth in Responsible Investment and Sustainable Development in recent years comes in response to investors rising to meet the challenge of the future. The Criteria Environmental, Social and Governance (ESG) are the pillars of ethical investment. At the Compagnie Monégasque de Banque (CMB), this reality has been a part of our work for a long time.
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Françoise Mercadal-Delasalles is General Manager of the Crédit du Nord group. After being a director in the Budget Department of the Ministry of Economy and Finance for ten years, this young woman and ENA graduate became Deputy Secretary General of the Caisse des Dépôts, then Director of Resources and Innovation in the Société Générale group. The national digital board member is passionate about innovation. We met her in Monaco.
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The start-up financing journey exists in a complex ecosystem, one which involves numerous and sometimes very different players, which often lack any connection.
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- Category: Legal Environment
AMAF (Association Monégasque des Activités Financières – Monegasque Association of Financial Activities) welcomed Mr Laurent Anselmi, Director of Judicial Services, for a lunch conference on financial crime on 6 November.
