Minister of State receives CCAF members

The Minister of State 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.

© Directorate of Communication / Michael Alesi
© Directorate of Communication / Michael Alesi

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:

  • rule on the applications for approval after having proceeded to their instruction and delivers them;
  • ensures the regularity of the operations carried out by the approved companies;
  • receives and hears the claims submitted to him by any person proving an interest;
  • carry out checks in order, if necessary, to put an end to the irregularities found;
  • pronounces administrative sanctions;
  • concludes cooperation agreements with foreign counterparts.

For more information: http://www.ccaf.mc/en

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