Here is the rewritten article in markdown format:

Monaco’s Banking Industry Under Fire as Whistleblower Stories Emerge

=====================================================

A team of European inspectors visiting Monaco last year were left underwhelmed by the progress made on Prince Albert II’s pledge to develop a robust program to combat financial crime. Instead, they found:

• Incomplete ownership databases
• Reports on suspicious transactions filed months late
• Authorities lacking the resources or sophistication to tackle complex investigations

The findings led the inspectors to give Monaco its worst effectiveness rating for money laundering prosecutions and asset recovery.

Despite efforts by Prince Albert II to revamp Monaco’s financial regulation regime, whistleblowers continue to come forward with tales of corruption and lack of accountability within the principality’s banking industry. The revelations have raised concerns over:

• The vulnerability of Monaco’s financial system to criminal activities
• The potential for further reputational damage

The inspection team’s findings are a stark reminder of the need for Monaco to step up its efforts to investigate and prosecute money laundering, as well as recover assets linked to illegal activities.

As one whistleblower told investigators, “It’s like they’re playing a game of cat and mouse with criminals, where the stakes are too high.” The principality’s failure to do so has raised concerns among international regulators and financial institutions about the risks associated with doing business in Monaco.