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:
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- 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.