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digital technology; the white fund, to support the €20 million committed by the end of 2022, and State-owned housing (€3.8 million). The
the construction and renovation of buildings €11 million was budgeted for 2023. A similar Red and White Fund, on the other hand, has
in the Principality; and finally the red and white amount should be provided in 2024. mainly been used to launch Carlo, the highly
fund, designed to direct business towards successful Monaco cashback and payment
Monaco's retailers and tradespeople. "In the The Green Fund’s €25 million budget was application. The State will cover almost all
end, the blue fund was the only fund designed spent on work to optimise energy performance the platform fees (9.6% per transaction)
to be maintained and to become permanent," (€15.1 million, including nearly €9.7 million until 31 March 2024. The remaining 1%,
says Jean Castellini. It supports Monaco's for thalassothermal loops), and additional corresponding to bank charges, will then be
digital companies, which receive 80 to 85% premiums for the purchase of electric vehicles paid by participating businesses. "The aids
of the funding. It creates jobs and revenue for (€8.6 million). Cyclical funds, on the other hand, have served their purpose. We haven't failed
the State via corporation tax. An IMSEE survey fulfilled their mission. In the end, the White fund in our duty", says the former Minister.
is currently underway to assess the revenue was used mainly for improvements to public
generated by VAT in particular. In addition to buildings (the Music Academy and the prison)

Moneyval is Marco Piccinini’s Top Priority

by Milena Radoman
There’s no question of Monaco being on the FATF’s grey list in 2024. The new Minister of Finance,
Marco Piccinini, has made it his priority to end Moneyval’s close monitoring.

In Monaco, Marco Piccinini ‘came out of the 2023. They transformed the Financial Network procedural deadlines and to improve special
shadows’ in 2011 when he joined the Monaco Information Service (SICCFIN), set up in 1993, investigation techniques (through undercover
Government, after having held key positions into an independent Monegasque Financial operations). The text also provides for tougher
at Ferrari and the Automobile Federation Security Authority with extended powers. penalties for money laundering offences and
(FIA - he was Vice-President between 1998
and 2008). The businessman and Special
Adviser to the Minister of State (2017), is
now back in the spotlight to succeed Jean
Castellini as Minister of Finance and Economy.
The idea is to capitalise on his experience
of negotiating in minefields against the
complicated backdrop of Moneyval’s closer
monitoring of the Principality. The roadmap set
out by the Prince’s Palace is clear: “A respected
Monegasque figure in the field of economics
and finance, Mr Piccinini will lead efforts to
strengthen Monaco’s economic position on © Direction de la communication
the world stage and promote an environment
conducive to prosperity and innovation”. This
means that the Moneyval dossier is indeed “the
top priority”, as the new Minister made clear Marco Piccinini, new Advisor-Minister of Finance
from his very first public appearance. “We have
to act like a peaceful commando. New civil They also set a new obligation for associations circumvention by asset freezing measures.
servants will be brought in to closely monitor and foundations to declare their beneficial The threat of the FATF’s grey list is on everyone’s
the situation”, explained the new Minister. owners, and adapt the regime for monitoring mind. At the start of the new judicial year,
There is no question of Monaco appearing (and sanctioning) beneficial owners during the Monaco’s new Public Prosecutor Stéphane
on FATF’s grey list. “In March, we will submit lifetime of declaring entities. “Parts III and IV Thibault made extensive reference to it.
our report to the Financial Action Task Force of the legislative texts will soon be voted on”, “The financial and banking security that
(FATF), Moneyval’s elder brother”, said Marco notes Marco Piccinini. The third part of this prevails in the Principality could be undermined
Piccinini, who insists on the government’s legislative reform, currently under examination if Monaco were to be included on the list
mobilisation and on the fact that efforts will by the National Council, is designed to meet of States with strategic deficiencies in the
be stepped up between now and then. Moneyval’s demands for greater efficiency anti-money laundering regime (...). The fight
in criminal proceedings (through preventive against money laundering, which is already
Two new forthcoming laws checks requested by the Public Prosecutor very prevalent, will be the first objective of the
Two laws strengthening the anti-money outside investigations), as well as in criminal Public Prosecutor’s Office for the 2023-2024
laundering arsenal have already been passed in proceedings relating to seizures, to reduce judicial year.”

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