Two former bankers from Monaco have been convicted in a money laundering case involving large cash transactions with two Italian businessmen. Alexandre Balga, previously with Banque Havilland, and Nicolas Gelso of Mediobanca’s CMB Monaco unit, received sentences of six months suspended jail time and were each fined 10,000 euros. Their Italian clients, Fabrizio Amore and Maurizio Fratti, faced harsher penalties, each receiving one-year prison sentences, with six months suspended, and a fine of 500,000 euros each.
The convictions are part of Monaco's broader efforts to clamp down on financial crimes, particularly in the wake of the principality's placement on an international "grey list" in June due to a "very low" rate of financial crime convictions. In response, the Monegasque authorities have enacted new legislation aiming to enhance their capacity to combat illicit financial activities and improve their global financial standing.
Additionally, three other bankers were fined for not reporting suspicious activities, with penalties ranging from 5,000 to 7,000 euros. However, Patrick Dauguet, CEO of Havilland Monaco, was acquitted of all charges. Following the court's decisions, lawyers for some of the defendants, including Amore and Gelso, have indicated plans to appeal. This case underscores Monaco's renewed commitment to enforcing stringent financial regulations and restoring its reputation on the international stage.
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