Word: monaco
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...collectibles that started as cardboard identity discs at the first modern Games, in Athens in 1896. For Braun, collecting is a way to make friends, a hobby that crosses social and cultural boundaries. In 1988, on the streets of Seoul, he says, he traded with Prince Albert of Monaco...
...Monaco offers an even more complex case for French authorities looking to clean up international financial dealings. The tiny country, ruled by the Grimaldi family, has a government and civil service filled with officials seconded from Paris. With 49 banks and 70 financial institutions for about 32,035 inhabitants, the principality attracts some of the world's wealthiest celebrities by levying no taxes on income, capital gains or dividends. This has long made Monaco a playground for the fabulously wealthy, of whatever background. The recent French report charged that offshore companies and trusts have bountiful opportunities to move funds...
...FATF was established by the world's seven richest nations in 1989. The principality is not alone in being prodded for failing to do enough to stop the flow of dirty money. In June this year, a French parliamentary committee lambasted Monaco, another tiny kingdom-cum-tax-haven, for imposing so few financial controls that "money laundering can thrive." Last February Austria narrowly escaped being booted out of the FATF, which has grown to 26 member governments and two regional organizations, by agreeing not to permit any more anonymous savings accounts to be opened. Even Israel was scolded...
...husband of Monaco's Princess Caroline apologized...
...they're simply reacting to the demands of the market, which has become far more cautious and skeptical in the past three months. The game used to be about building a virtual Roman Empire, all glorious acquisitions and land-grabs. Now it's about building a Monaco, a tiny but incredibly profitable niche nation. Companies that don't understand the need to change direction--in geekspeak, the phrase is "turn and burn"--are doomed...