the CCAF members regularly informed on the general matters dealt with by the Government (e.g., the IMF assessment) and vice-versa. As also reported by the mission, the Commissaire du Gouvernement participates at the meetings of the CB board when it deliberates on Monegasque matters. Thus the Commissaire du Gouvernement plays a crucial role of liaison among different regulatory and supervisory bodies. 50. Moreover, the CCAF and the AMF wish to confirm that they are both willing to maintain their cooperation in the supervision of the Monegasque financial sector
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 CCAF meetings . The Commissaire attends CCAF meetings “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