AMAF: Robert Laure Takes Over from Etienne Franzi

There has been a minor revolution at the Monegasque Association of Financial Activities (AMAF). After 25 years of Etienne Franzi being president, a new leader was elected on December 20th: Robert Laure, Director and Vice-Chairman of Julius Baer Wealth Management. The election was “rather close”, said Etienne Franzi, who took stock of his quarter-century at the helm in an article in the Monaco Gazette, facing Francesco Grosoli, Managing Director of CMB Monaco. In 1999, “AMAF - AMB at the time - had neither its own premises nor its own staff. We were almost starting  from scratch, and we had to build and structure everything”.  In addition to promoting the financial centre internationally, AMAF was involved in drafting numerous pieces of legislation, such as Act 1224 of 1999 on the pledging of money and financial instruments, Act 1529 of 2022 clarifying the rules applying to inheritance tax on trusts and introducing a system for the assignment of receivables inspired by the French Dailly Act, and the transposition of successive anti-money laundering directives. Everything that has been done has made a significant contribution to the strong development of the Monaco financial centre over the past 25 years, with a fourfold increase in resources reaching the record amount of 154 billion euros, not counting the AUM deposited abroad but managed from Monaco, and with an even more significant growth in loans, which have multiplied by 15, explains the former Government Counselor for Finance and Economy.