the country's special characteristics and history have made
it the world's richest and most famous tourist location.
Visitors spread their hours over beach visits, sailing, the
international roads and the world's most famous casino -
In May 1993, the country officially became a member of
It is suspected that Monaco has become a financial
paradise that lends banks to money laundering. In 1998, an
Israeli citizen was involved in money laundering linked to
the Latin American drug addict. At the same time, suspicions
of money were raised from the Russian mafia, and therefore a
commission of inquiry was set up by a judge who later
dissolved the commission.
Since the duchy does not tax interest rates and because
the tax on business transactions is low, Monaco has become a
favorite financial center, both for individuals and
businesses looking to settle in the duchy.
Although not a member of the EU, it is financially closely
linked through its customs union with France, with which it
has also historically shared currency. Therefore, today's
currency is Euro.
Patrick Leclercq assumed the post of Prime Minister on
January 5, 2000, thus replacing Leveque on the post. In
October of that year, France threatened to take a series of
parliamentary steps against the duchy if it did not
intensify its efforts to combat economic crime. Paris
accused Monaco of concealing important information, citing
banking secrecy, thereby shading European efforts to combat
illegal financial transactions. However, Monaco rejected the
accusations. In October 2002, the International Money
Laundering Group conducted an evaluation of the states'
compliance with its recommendations. Monaco, together with
Barbados and Bermuda, was placed in category 2 as "somewhat
Prince Albert stated in an interview that he was tired of
Monaco's citizens being treated as drug dealers. Acc. the
trade position, the French attitude also expresses double
standards, since all money to Monaco must first go through
the French central bank.
In 2004, a British court sentenced Stephen Troth, an
employee of the banking group HSBC, to 9 years in prison for
fraud worth $ 10 million. US $ in Monaco. The scam had been
committed against celebrities such as racing driver Michael
Schumacher. A Monaco court had already sentenced him to 4
years in prison in 2002.
On April 6, 2005, 81-year-old Prince Rainier died of lung,
heart and kidney failure. He was replaced at the princely
post by his 47-year-old son, Prince Albert.
In 2007, for the first time in the country's history, the
Prince published GDP figures.
In December 2008, Monaco abandons expansion into the
Mediterranean through a costly land reclamation project. The
government refers to the international financial crisis and
In May 2009, the OECD removed Monaco from the list of
countries that will not cooperate in combating economic