Articles
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- Category: Products and Services
Last year, Barclays celebrates its 100th anniversary. Dynamism and adaptability seem to define one of Monaco's oldest financial institutions. Today's update with Gerald Mathieu, CEO of Barclays Monaco and Head of Private Banking Europe and Middle East at Barclays.
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- Category: Training
On Thursday 2 February 2023 at One Monte Carlo, the International University of Monaco and the STEP professional network organised a breakfast to present this unique training course, in the presence of Mr Jean Castellini, Monaco's Minister of the Economy and Finance.
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CMB Monaco and OneRagtime announce today the signing of their distribution partnership. Together, they want to give CMB Monaco customers privileged access to “early-stage and growth” investments in the best French and European tech startups, in order to diversify their portfolio of assets.
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Rosa Sangiorgio is Head of ESG at Pictet Wealth Management. An Italian, she travels between Geneva, Zurich and many European countries to raise awareness of a sustainable investment policy, which she considers to be long-term.
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- Category: Legal Environment
After reviewing the full contents of the MONEYVAL Report published earlier today (Monday 23 January 2023), the Princely Government fully endorses the recommendations put forward in this document. Furthermore, the State of Monaco is determined to rapidly implement these recommendations to align itself with the best international practices in relation to the fight against money laundering and the financing of terrorism. The Government also highlights that the Report congratulates the Monegasque authorities on progress already made and work undergone to deliver significant improvements on such issues.
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Since its creation in the Principality thirty years ago, ACI Monaco has been committed to promoting and giving life to the values upheld since 1955 by ACI FMA: the development of financial market activities, professional and friendly relations amongst stakeholders, compliance with ethical rules of the sector and above all, the promotion of financial training.
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Few financial centers can claim to have navigated the repeated shocks of the last few years as well. Yet, the Monegasque financial center is in good health and nothing seems to be able to slow down its development.
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- Category: Legal Environment
The term “financial education” is beginning to be used regularly in the Principality of Monaco by industry professionals and teachers to support regulators, whether with a view to ensuring the protection of savings or to enable the introduction of governance and compliance rules within institutions.
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Following the Russian invasion of Ukraine, the Principality is, in accordance with its international commitments, applying the European Union sanctions which freeze the assets of individuals and organisations with links to the Kremlin. These complex sanctions impact both the individuals targeted and those with whom they have links.
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The role of the CERC. The CERC is an advisory body commissioned by the Minister of State. It is made up of nine members (two government advisors, appointed as Chair and Vice-Chair of the CERC, two judges from the Court of First Instance and five individuals appointed by the Minister of State on account of their area of expertise). Its role is to review the audit reports produced by SICCFIN which highlight serious, repeated or systematic breaches attributable to an individual or organisation subject to such audits in violation of their due diligence obligations with regard to money laundering, terrorist financing and corruption. Following the proceedings, the CERC produces a report expressing an opinion on the alleged breaches and, where necessary, sends the Minister recommendations regarding sanctions, which can range from a warning to more severe penalties (a ban on conducting certain operations, a temporary suspension of functions, a temporary revocation of the right to operate and work permit, substantial monetary penalties, etc.).
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Laure CANAS DA SILVA, Head of Regulatory at Edmond de Rothschild Monaco, is also President of the recently created Monegasque Association for Sustainable Finance (AMFiD). A role of influence.
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In line with the European trend, the Principality of Monaco has established administrative authorities whose role is to assess breaches of certain financial laws committed by professionals and, when applicable, to propose or impose administrative sanctions. Those authorities include (i) the Audit Report Review Commission (“CERC”), created by Act N°1.462 of June 28, 2018 (for AML/CFT matters) and (ii) the Financial Activities Supervisory Commission (“CCAF”), created by Act N°1.338 of September 7, 2007 (for financial matters) but recently subject to reforms.
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On 13 December, the Edmond de Rothschild Monaco bank organised a conference on 2023 investment strategies. After having outlined the macroeconomic outlook, the heart of the matter was addressed. An opportunity to interview Mr. Gérard OHRESSER, Managing Director of Edmond de Rothschild Monaco.
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The blue economy is attracting increasing political and financial interest. The number of international summits integrating this issue is unprecedented. Last February, the World Ocean Summit organised in Brest (France) brought together over 30 countries, illustrating the awareness of the value of our common ocean heritage.
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- Category: Legal Environment
In the world of data, data processing has become the ultimate sensitive subject, particularly when it comes to personal data. Agnès LEPAULMIER, Secretary-General of the CCIN, offers an update on how the Authority’s work is changing.
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In the era of digital transformation, supported by these two years of health crisis, Regulatory Compliance is being offered an unprecedented opportunity to become digital and thus an active player in the technological developments and innovations applicable to its functions. This is an essential turning point for the Principality and for all the institutions subject to the law.
