Summary:
The potential placement of Monaco on the gray list of the GAFI is causing concern, but the new president of the Monaco Association of Financial Activities emphasizes the efforts made to comply, stating that conducting financial activities in a potentially “stigmatized” country is challenging but not catastrophic.
Full Story:
Robert Laure has been elected as the new president of the Association Monégasque des Activités Financières (AMAF), succeeding Étienne Franzi. The transition comes at a crucial time as Monaco faces the possibility of being placed on the grey list by the Financial Action Task Force (FATF). In an interview, Laure highlights the efforts made by Monaco in the past 18 months to align with international standards. He acknowledges the challenges of operating a financial industry in a potentially stigmatized country but reassures that it does not mean an “apocalypse” for Monaco. The concerns raised by the potential listing have prompted the AMAF to react proactively and work towards maintaining Monaco’s reputation as a leading financial center. The outcome of the “Moneyval” assessment will have significant implications for Monaco’s reputation and its standing in the global financial community.
Source:
L’observateur de Monaco
