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 – Monte Carlo.
In May 1993, the country officially became a member of the UN.
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.
- ABBREVIATIONFINDER.ORG: What does MC stand for? In the field of geography, this two letter acronym means Monaco. Check this to see its other meanings in English and other 35 languages.
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 cooperative”.
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 environmental concerns.
In May 2009, the OECD removed Monaco from the list of countries that will not cooperate in combating economic crime.
According to Countryaah.com, the population of Monaco in 1996 was 30,605, ranking number 215 in the world. The population growth rate was 0.850% yearly, and the population density was 30716.0000 people per km2.