Monaco
Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, splendid scenery, and gambling facilities have made Monaco world famous as a tourism and recreation center.
Tourism drives Monaco's economy; gamblers flock to the Place du Casino in Monte-Carlo and every May the principality hosts the Monaco Grand Prix.
Monaco strongly denies French claims that it tolerates money-laundering. Monaco does not levy income tax on its residents.
Prince Albert took over as head of state following the death of his father, Prince Rainier, in April 2005. Prince Rainier had worked to reduce Monaco's reliance on tourism and gambling by attracting business. He staunchly defended Monaco's banking and taxation systems in the face of criticism from France. Prince Albert says he wants to attract high-tech industry to Monaco, and will seek to cement the idea that money-laundering in the country is a thing of the past.
Under the Prince, a Minister of State exercises executive authority and leads a five-member Council of Government. The Monégasque electorate elects the 18-member Conseil National for a 5-year term; the council and the Prince share legislative power. Nevertheless, the French government maintains a firm grip on the principality, through its ambassador and key appointees in the executive and judiciary.
There are no known threats to travelers or expatriate personnel in Monaco.
