Fabrizio Amore found bankers in the principality allegedly willing to bend their own rules and ignore red flags to take his cash
Port Hercule in Monaco. Photographer: Balint Porneczi/Bloomberg , Photographer: Balint Porneczi/BloombergAt Banque Havilland, authorities say a manager suggested “quietly” storing money in a safe deposit box rather than a regular account after too many €150,000 cash drops. A short walk away, an Edmond de Rothschild employee told investigators that he saw Fabrizio Amore enter the office near Port Hercule with a bag full of banknotes and walk out empty-handed.
An attorney for Amore, Giorgio Martellino, told Bloomberg in an emailed statement that “he was acquitted in the proceeding” of the Julius Caesar case. Three people with direct knowledge of the matter said the case is ongoing; one of them said that one count, for bid rigging, had been dropped. The people asked not to be named because details of the case are not public. The next hearing is scheduled for November, the people said.
A spokesperson for Banque Havilland said the institution “has fully co-operated with the relevant authorities in their investigation and rejects any allegation of wrongdoing.” Representatives from Edmond de Rothschild, Societe Generale and Mediobanca declined to comment.The trial in Monaco, which doesn’t yet have a date, promises to be a flashpoint and comes on the heels of a scathing assessment of the city-state’s ability stem the flow of dirty cash.
The maximum penalty for money laundering is 10 years in prison. A conviction for failing to file a suspicious transaction report can lead to a fine.In 2012, a banker in Switzerland approached Edmond de Rothschild on Amore’s behalf and said a wealthy client was seeking to diversify his holdings by moving money into the city-state, the Monaco document says.
“The next time we’ll see together whether it could be better to take a safe at the bank, put it all in the safe and then administer the cash together, quietly,” Balga said. “It’ll be easier.”
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