This 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. Nonetheless, 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.
to be undertaken by staff of the AMF. 16
31. However, the CCAF’s independence could be further enhanced by removing the mandate of the Commissaire du Gouvernement to attend CCAFmeetings . The Commissaire attends CCAFmeetings “in an advisory capacity.” 17 Although the Monegasque authorities noted that the Commissaire has mainly the function of keeping the CCAF members informed about the government’s general policies, in the view of the mission his/her presence may give the government an opportunity to influence CCAF operational decisions such as licensing and