Summary:
Monaco’s placement on the grey list has concrete implications for compliance officers in the principality, according to Emmanuel Montigaud, the President of the Association monégasque des compliance officers.
Full Story:
Monaco’s placement on the gray list by the Organization for Economic Cooperation and Development (OECD) has raised concerns among compliance officers in the principality. Emmanuel Montigaud, the President of the Monegasque Association of Compliance Officers (AMCO), acknowledges the practical implications of this development for professionals in the compliance field. The gray list categorizes jurisdictions that have committed to addressing deficiencies in their tax transparency regimes. Although Monaco has taken steps to improve its compliance framework, being on the gray list might lead to increased scrutiny and stricter regulations for compliance officers in the country. Montigaud emphasizes the importance of staying up to date with international standards and expectations in order to maintain Monaco’s reputation as a trustworthy financial center. He also highlights the need for collaboration between compliance officers, financial institutions, and regulatory authorities to ensure effective compliance measures. Despite these challenges, Montigaud remains optimistic about the future of compliance in Monaco and hopes that the principality will soon be removed from the gray list through its continued efforts to enhance transparency and international cooperation.
Source:
L’observateur de Monaco
