Legal Environment
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Protecting clients is at the heart of the work of all banking and financial regulators.
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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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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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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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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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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.
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Just another crisis or one scandal too many for Facebook? Having already been accused of spreading fake news, the world’s biggest social network will struggle to escape from the media storm that has been battering it since mid-March without making any concessions. The revelations surrounding Cambridge Analytica’s siphoning off of its users’ data and the fact that it may have been used as part of Donald Trump’s online campaign have taken a heavy toll on the stock’s share price.
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The Facebook - Cambridge Analytica affair has just raised awareness among the broader public worldwide to the risks related to the improper use of anyone's personal.
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Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation - GDPR) will apply from 25 May 2018.
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The former French Minister of Economy and Finance, Mr. Michel Sapin, and TRACFIN director, Mr. Bruno Dalles, were received in Monaco in October by Mr. Michel Hunault, MP and Honorary Professor at Sciences Po Paris, with AMAF support.
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The business model of the banking industry is undergoing a major upheaval under the pressures exerted by technological advances and new regulations.
