BusinessPeople In BusinessMonaco says money launderers ‘not welcome’

Monaco says money launderers 'not welcome'

Money launderers 'not welcome' in Monaco says Prince Albert II at his succession ceremony

Prince Albert II of Monaco has pledged to improve the financial reputation of
his country after being proclaimed ruler of the tiny but wealthy Mediterranean
principality yesterday.

Although Albert automatically assumed power upon the death of his 81-year-old
father Rainier in April, he formally embraced his role as His Serene Highness at
a solemn Mass at the cathedral in Monaco yesterday.

In a ceremony in front of the palace later, he pledged to rebrand the
monarchy and rid Monaco of its reputation as a haven for money launderers.

‘Ethics must be behind everything we do,’ he said. ‘Money and virtue must go
together at all times.’

He asked his subjects to be vigilant about the type of financial activity
that he said would ‘not welcome here’.

‘Creating wealth is not an end in itself. It needs to be shared by all,’ he
said.

Albert also promised to promote green issues, saying he would be an ‘ardent
defender of the environment’ during his reign.

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