Whistleblower Stories Surface in Monaco Banking Industry as Criminal Investigation Nears Conclusion

A long-running criminal investigation into six top bankers in Monaco is nearing its conclusion, sources close to the matter revealed yesterday. The development comes on the heels of the appointment of a high-profile Parisian lawyer as Monaco’s Attorney General.

The Case Against Six Top Bankers

The case has been shrouded in secrecy for eight years and centers around allegations that a group of bankers facilitated money laundering and failed to report suspicious transactions. At the heart of the scandal is Italian businessman Fabrizio Amore, who allegedly deposited millions of euros in cash and valuables at several Monaco banks.

Evidence of Money Laundering

According to a leaked judicial report, one bank manager suggested storing cash “quietly” in a safe deposit box after too many large cash deposits were made by Amore. Another banker testified that the funds were likely derived from tax evasion and didn’t trigger any alarms, even for amounts as high as 450,000 euros.

• A former employee of Edmond de Rothschild claimed to have 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.
• The investigation also uncovered a treasure trove of cash and valuables in safe deposit boxes at Société Générale, including:
  • 800,000 euros in cash
  • Diamonds valued at 474,000 euros
  • 132 watches

Defense Claims

Amore’s lawyers have maintained that his deposits were legal proceeds from business operations on which all taxes had been paid in Italy. However, a criminal case against him continues in Rome, where prosecutors allege that the funds are the profit of skimming money from public construction contracts.

Charges and Consequences

Two of the six bankers face charges of money laundering, which carries a possible 10-year prison sentence. The other four are being prosecuted for failing to report suspicious transactions while holding compliance roles, an offense punishable by a fine. Société Générale and no individuals at the bank have been charged.

• One of the bankers accused of enabling money laundering allegedly facilitated cash transactions not only for Amore but also for other clients.

The investigation is expected to culminate in court proceedings soon. The outcome will likely shed more light on the extent of the corruption and illegal activities within the Monaco banking industry.