Monaco cash free?
In 2005, asked about accusations that Monaco, a tax-free haven for the rich, had turned a blind eye to money laundering, Prins Albert said the principality had been wrongly accused of not having legislation to fight such crime. He however made it clear that tackling the accusations that Monaco has become a mafia refuge for dirty money is one of the first tasks.
What image do you have of Monaco? Do you feel that the average John Doe in Moncao has as much cash to spend as the average guy in New Jersey (I did not refer to mayors)? And that all is legit? Sure. Monaco has been on the ‘money laundering’ black list for a while. In an effort to get back in shape a new law was introduced that caps cash spending (without reporting obligations) at 30,000 euro. So now I have spread my shopping over several stores…
You should not only worry if you buy a purse or shoes in a luxury store. Under the new rules, insurers, accountants, notarial firms, high-end traders and lawyers helping with property or financial transactions will all be asked to carry out checks on their clients. Let’s wait for the impact of this new law. A guess anyone?
