Monaco Bankers Face Trial over Embezzlement Allegations

A long-running criminal investigation into six Monaco bankers is expected to culminate in court proceedings within the current judicial year. The move follows the appointment of a top Parisian lawyer as Monaco’s Attorney General.

Background

The allegations have been widely reported since Bloomberg published a detailed report on the investigation this August. The story has been picked up by other European media outlets, including NEWS. MC.

The Case Against Fabrizio Amore

At the center of the case is Italian businessman Fabrizio Amore, who was known to deposit large amounts of cash and valuables in Monaco. He became a favored client of private bankers at several Monaco banks.

• According to an 88-page judicial report seen by Bloomberg, Amore allegedly deposited a significant amount of cash in safe deposit boxes at Banque Havilland, Edmond de Rothschild, and Société Générale.
• A manager at Banque Havilland suggested “quietly” storing cash in a safe deposit box after too many cash deposits of 150,000 euros. A former chief financial officer at Banque Havilland told investigators that the bank did not consider the large cash deposits to be suspicious, even for amounts as high as 450,000 euros.
• An employee at Edmond de Rothschild witnessed Amore entering the bank with a bag full of banknotes and leaving empty-handed. In total, he allegedly deposited 657,000 euros at the bank.
• Société Générale investigators found a large amount of cash, diamonds, and watches in safe deposit boxes at the bank, totaling 800,000 euros in cash, 474,000 euros in diamonds, and 132 watches.

The Bankers’ Response

Amore’s lawyer has claimed that his deposits in Monaco were legal proceeds from business activities on which all taxes had been paid in Italy. However, a criminal case against Amore continues in Rome, where prosecutors allege that the funds are the profit of skimming funds from public construction contracts.

Two of the six bankers facing trial are charged with money laundering and could face up to 10 years in prison if convicted. The other four are being prosecuted for failing to report suspicious transactions while holding compliance roles, an offense punishable by a fine. No individuals at Société Générale face charges, and none of the banks themselves have been charged.

• One of the bankers facing trial is alleged to have enabled the laundering of cash for other clients as well as Amore.

The Investigation

The investigation has been ongoing for eight years, with prosecutors building a case against the six bankers and Amore. The appointment of a new Attorney General is seen as a significant development in the case, which could lead to court proceedings within the current judicial year.