Summary:
Phoenix Consulting, a Monaco-based consulting firm, has identified the potential consequences of being placed on the gray list for Monaco, including increased expenses, reputational damage, decreased demand in real estate and luxury tourism, foreign investor flight, business exodus, and a decline in GDP.
Full Story:
If Monaco were to be put on a grey list, the consequences could be significant. According to the Monaco consulting firm Phoenix Consulting, it would lead to increased expenses in both the public and private sectors, a damaged reputation, a decrease in demand for luxury real estate and tourism, a loss of foreign investors, an exodus of businesses, and a decline in GDP. These potential outcomes are causing concern for the Principality, especially as they await the decision from the Financial Action Task Force (FATF) in late June. Monaco is anxiously awaiting the verdict and its potential impact on the country.
Source:
L’observateur de Monaco
