Pierre-André Chiappori: “We need to consider all the ways we can Monaco attractive”.
The new Minister for Finance and the Economy spoke to Monaco Info about his roadmap. © Communication Department
Appointed earlier in March by Prince Albert II to the position of Minister for Finance and the Economy, Pierre-André Chiappori took up his duties a few days ago.
Last week, the Minister spoke about his roadmap in an interview with local TV channel Monaco Info. The economist and conference speaker discussed the tasks assigned to him by the Sovereign, as well as topical issues, such as Moneyval and the reforms that the Principality needs to implement in the fight against money laundering.
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Monaco and the FATF’s ‘grey list’
“I have to say that the administration’s response has been extremely robust. The measures taken over the last two years are quite spectacular. We’re on the right track and we’ve made some really significant advances,” the Minister added. At the heart of the discussions surrounding the Principality is its potential inclusion on the Financial Action Task Force’s (FATF) ‘grey list’ of countries that are insufficiently diligent in the fight against money laundering. “It is in no way a punishment. We were already under special surveillance, but the grey list means even tighter surveillance. If this were to happen, it would mean that the FATF would indicate a certain number of points on which progress needs to be made,” said Pierre-André Chiappori.
The timescale for “completing the process and getting off the grey list” would be around a year and a half. The new Minister for Finance and the Economy also announced that he had “been in contact with the entire Monegasque administration.” “There is genuine unity. We are all convinced of the importance of what is at stake and we are all ready to commit, unreservedly,” he continued. The next step for Monaco is a meeting with the FATF in Istanbul, “which will, to a large extent, decide the outcome.”
The Sovereign is aware that Monaco is at a strategic crossroads
“We have been able to ride on the coat tails of a number of resources, particularly real estate,” says Pierre-André Chiappori, when asked about the roadmap he was given by Prince Albert II. “The Sovereign is aware that Monaco is at a strategic crossroads, as it were.” The Minister spoke about moves to diversify these resources, which have been under way “for some time now,” and about building on the Principality’s attractiveness. “We’re working hard on this, and this is the direction that we’re going to have to pursue and develop further.”
And to make Monaco even more attractive, the Franco-Monegasque Minister assures us that he is “taking forward what has already been done.” “There’s a whole communication aspect: getting the word out, getting the message across, but that’s not all (…) We need to consider all the ways we can Monaco attractive, everything that can make innovators, creators, people who have something to contribute to the community, feel good, feel at home in Monaco,” he concluded.