Minister of State receives CCAF representatives

The Minister of State earlier this week received the members of the Financial Activities Control Commission (CCAF) for a working lunch.

Established by Law No. 1.338 of 7 September 2007 on financial activities, the CCAF is an independent administrative authority responsible for supervising the financial activities of the Monegasque square.


Chaired by Jacques-Henri David, the Commission is composed of 9 members:

  • 7 members, including the President, chosen for their competence and appointed by Sovereign Ordinance for a period of 5 years (renewable)
  • The President of the Monegasque Association of Financial Activities
  • The President of the Order of Chartered Accountants.

A magistrate and a Government Commissioner participate in the meetings of the Commission without voting rights.

The Commission, in complete independence and under the authority of its President:

  • Rules on applications for approval after having proceeded to their instruction and delivered them
  • Ensures the regularity of the operations carried out by the approved companies
  • Receives and hears claims submitted to it by any person who proves an interest
  • Carry out checks in order, where necessary, to put an end to the irregularities found
  • Pronounce the administrative sanctions
  • Concludes cooperation agreements with foreign counterparts.