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International Monetary Fund
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.
International Monetary Fund

banks, the majority of which are subsidiaries of large internationally active groups. In general, their investment activity is conservative, thus entailing limited risks. Nevertheless, financial market turmoil may heighten challenges for the Monegasque banks, especially if serious difficulties were to emerge at a parent institution. The main author of this AFSSR is Mr. Giustiniani, with contributions from the rest of the OFC Program Update team. The AFSSR is a summary report on implementation of the indicated financial sector regulatory standards. It has been

International Monetary Fund

economy, the depth of the Monegasque financial sector is only a fraction of that seen in other OFCs ( Figure 2 ). Figure 2. Monaco: Financial Sector Depth in Selecetd OFCs; 2006 (Total assets in percent of GDP) 10. Financial intermediation is dominated by the banking sector . Private banking and asset management are the main services offered by Monegasque banks, which hold the lion’s share of the financial sector’s total assets ( Table 1 ). 8 Monegasque banks are controlled by foreign groups headquartered mainly in France, Switzerland, Italy, and the UK

International Monetary Fund

as safety and soundness concerns; and legal protection for supervisors. Arrangements for sharing information between supervisors and protecting the confidentiality of such information should be in place. Principle 1(6) Arrangements for sharing information between supervisors and protecting the confidentiality of such information should be in place. Description Considerable progress has been made to improve international cooperation among banking supervisors and to increase the ability of Monegasque banks to provide information to their parent

International Monetary Fund
The detailed assessments of the Offshore Financial Center Assessment of Monaco reviews the assessments of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) related principles of the Basel Core Principles for Effective Bank Supervision, of the AML/CFT regime based on the Bank/IMF Draft Methodology, and of securities regulation on the basis of the International Organization of Securities Commissions Objectives (IOSCO) and Principles of Securities Regulation.
International Monetary Fund
This review of the financial sector regulation and supervision in Monaco in the context of the offshore Financial center assessment program contains technical advice and recommendations given by the IMF in response to the authorities of Monaco’s request for technical assistance. It assesses the antimoney laundering and combating the financing of terrorism (AML/CFT) regime based on the Draft IMF and Bank AML/CFT Methodology. It also evaluates the regulation of portfolio management and mutual funds relative to the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation.
International Monetary Fund

of the information. 13 44. The need for consolidated supervision and monitoring in banking was recognized in SO No. 14.892 of May 2001. The SO confirms the exchange of letters dated April 6, 2001, between Monaco and France agreeing that Monegasque banks can transmit to their parent institutions all information required by the foreign supervisor for consolidated supervision. The SO also allows the FCB to carry out onsite examinations in Monegasque banks on behalf of foreign supervisory authorities. Such examinations, begun in 2001 and conducted in cooperation with

International Monetary Fund

, banking and balance of payments statistics include Monegasque data. The agreement also stipulates that the EU legal framework governing the activities of banks applies to Monaco, ensuring the principle of a level playing-field in the sector. However, legislative provisions concerning, for example, criminal matters, which are specific to France and do not specifically concern credit institutions, are not applicable in Monaco, which has its own laws in these areas. Hence, Monegasque banks are subject to Monegasque AML/CFT legislation (ECB, 2006 , and IMF Country Report

International Monetary Fund
This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk. The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and increase the vulnerability of financial systems to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort. The paper reviews the current pension system of San Marino, in comparison with other European pension systems, and analyzes its sustainability.