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Financial Crisis Leaves Monaco Relatively Untouched,
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, October 01, 2008
While no financial market can claim not to have been affected by the current international financial crisis, Monaco has thus far remained relatively untouched by events in the United States and beyond, according to Christian de Boissieu, President of Monaco's Financial Activities Audit Committee.
De Boissieu, who is also the Deputy Chairman of the Council of Economic Analysis
for the French Prime Minister, told an audience of bankers and accounting experts
and key figures from within the local finance industry that he is "quite
optimistic" over Monaco’s capacity to emerge from the financial crisis
more or less unscathed.
It was with these words that de Boissieu opened the session to present the
Financial Activities Audit Committee’s 2007 activity report on 25th September.
This Committee was set up in September 2007 following the approval of new laws
by the National Council (Parliamentary Assembly). It is entrusted with approving,
monitoring via its Inspection Unit and taking disciplinary action against the
various players and financial products.
Its main task, according to the 2007 report, is “to protect investors,
whilst at the same time enable financial activities and products to be developed
with the focus on internationalisation and maintaining the specific features
that make the Monegasque financial market attractive."
The Committee consists of eleven members, including Jean-Pierre Michau, Advisor
to the Governor of the Bank of France.
While the 2007 activities were being presented, Jean Castellini, Secretary
General of the CCAF, pointed out the absence of "criminal acts for which
legal proceedings may be instigated". Regarding inspection missions, he
was keen to add that the Committee does “not judge the pertinence of the
products,” and went on to say that the "the controller is there to
support the Market but not promote it, even if his role does influence such
promotion”.
Among its objectives, the CCAF has promised to continue signing bilateral agreements,
in particular with regard to financial crime: “We are turning towards
international cooperation,” concluded Christian de Boissieu.
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