Monaco. At the beginning of the year, the Monaco court handed down for the first time a money laundering judgment. Visit Countryaah official website to get information about the capital city of Monaco. Israeli citizen Moshe Benyamin was sentenced to 12 years in prison for possession of money from drug trafficking.
- Also see Abbreviationfinder.org to see the acronym of MCO which stands for Monaco and other definitions of this 3-letter abbreviation.
After a long series of banking scandals, former Prince Rainer had launched a “clean banks” campaign. The young Judge Charles Duchaine took this seriously, but was opposed by the establishment in general and the Prosecutor Gaston Carrasco in particular. Duchaine persisted and was supported by French Justice Minister Elisabeth Guigou.
The stability of the Principality’s political framework, centered on the undisputed dominance of the Union nationale et démocratique (UND), the party founded in 1963 in support of the sovereign, Prince Rainier iii, seemed to mark the political life of the country still at the end of the 20th century. century.
But a series of elements led to the collapse of that solid hegemony. In the first place, the crisis that began in 1998 with France and since 2000 also with the OECD regarding the country’s financial system which, due to extremely favorable tax legislation towards foreign capital, was accused of favoring suspicious financial transactions and money laundering. of money coming from illegal activities: this crisis continued in the following years without the UND implementing an adequate legislative change. Secondly, despite the constitutional amendments passed in March 2002 according to a line of greater democratization of the country (including the lowering of the right to vote from 21 to 18years and the transfer to Parliament of a large part of the executive power of the prince), the ruling party did not reach the goal advocated by a large part of public opinion, and advanced since 1998, of joining the Council of Europe.
Thus the legislative elections of February 2003 overthrew the hegemony of the UND: with an absolute majority (equal to 58.45 % of the votes) the opposition party Union pour Monaco (UPM), a coalition of three parties (the Union pour la Principauté, the Union nationale pour avenir de Monaco and the Promotion de la famille monégasque), won the elections with a moderate program that promised at the same time a renewal of the ruling class, accused of being rooted in its clientele and its privileges. In October 2004 the Principality was admitted to the Council of Europe, and in December a first, partial modification of the banking legislation was decided upon by the new government (see above).
In July 2005, three months after the death of Rainier iii, his son, Prince Albert ii, formally ascended the throne of the Principality.