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Monaco, situated on the French coast of the Mediterranean Sea, is a popular resort, attracting tourists to its casino and pleasant climate.
The Principality has successfully sought to diversify into services and small, high-value-added, nonpolluting industries.
In addition, the FIU of Monaco (SICCFIN) suffers a great lack of adequate resources.
The authorities of Monaco have stated that they will provide additional resources to SICCFIN." The Principality is no longer blamed in the 2005 FATF report, as well as all other territories.
All residents pay tax in the form of 19.6% value-added tax on all goods and services.
Monaco is noted for its activity in the field of marine sciences.
Twenty-two territories, including Monaco, were thus evaluated between 19 on a first round.
Monaco is the only territory that refuses to perform the second round, initially forecast between 20, whereas the 21 other territories are implementing the third and last round, planned between 20.
The casino is alluded to in the ABBA song Money, Money, Money.
There is no commercial agriculture in Monaco; it is 100% urban. The absence of a personal income tax in the principality, has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco; celebrities such as Formula One drivers attract most of the attention, but the vast majority of them are less well-known business people.
In 2000, a report by the French parliamentarians, Arnaud Montebourg and Vincent Peillon, alleged that Monaco had lax policies with respect to money laundering, including within its famed casino, and that the government of Monaco had been placing political pressure on the judiciary so that alleged crimes were not properly investigated.
The money supply has different components, generally broken down into "narrow" and "broad" money, reflecting the different degrees of liquidity ('spendability') of each different type, as broader forms of money can be converted into narrow forms of money (or may be readily accepted as money by others, such as personal checks).
For example, demand deposits are technically promises to pay on demand, while savings deposits are promises to pay subject to some withdrawal restrictions, and Certificates of Deposit are promises to pay only at certain specified dates; each can be converted into money, but "narrow" forms of money can be converted more readily.