Monaco: Assessment of Financial Sector Supervision and Regulation
IMF Staff Country Reports, July 7, 2008
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- Monaco: Assessment of Financial Sector Supervision and Regulation
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Bibliographic details
- Published: July 7, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451824872.002
Overview
- Paper discusses key findings of the assessment of Financial Sector Supervision and Regulation (FSSR) for Monaco.
- Since the 2002 Offshore Financial Center assessment, the Principality of Monaco has taken important steps to further strengthen an already comprehensive legal framework, supervisory structure, and practices supporting a well-regulated environment.
- Given Monaco’s ambition to develop into a fully-fledged financial center, there is a case for intensifying ongoing efforts to comply with international best practices, in particular regarding the sharing of information with foreign regulatory authorities.
- Publication date: July 7, 2008
- Series: Country Report No. 2008/217
- IMF Staff Country Reports
Key Findings
- Monaco has an already comprehensive legal framework, supervisory structure, and practices supporting a well-regulated environment.
- Important steps were taken since the 2002 Offshore Financial Center assessment to further strengthen supervision and regulation.
- Shortcoming highlighted: need to intensify efforts to comply with international best practices on sharing of information with foreign regulatory authorities.
Subjects and Keywords
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Credit, Crime, Economic sectors, Financial institutions, Financial Sector, Financial services, Money, Nonbank financial institutions
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), authority, CCAF, CCAF meeting, CR, Credit, customer, derivatives exchange, Europe, Financial sector, firm, insider dealing, ISCR, lending institution, market, market abuse, market condition, market manipulation, market operator, market participant, Monaco, Monegasque bank, Nonbank financial institutions, private banking, return on equity
Policy Implications and Recommendations (as indicated)
- Intensify ongoing efforts to comply with international best practices.
- Strengthen mechanisms and practices for sharing information with foreign regulatory authorities.