Monaco Prince vows tough line on money laundering

Prince Albert of Monaco, son of the late Hollywood actress Grace Kelly, vowed on Monday to crack down on money laundering in the tiny principality and for the first time spoke on television of his illegitimate son. The shy prince, who looked stiff and nervous in a rare television interview, acknowledged he had an almost two-year-old son in a magazine interview published at the weekend after the child’s existence was revealed by French media.

Asked about accusations that Monaco, a tax-free haven for the rich, had turned a blind eye to money laundering, Albert (47) said the principality had been wrongly accused of not having legislation to fight such crime. He however made it clear that tackling the accusations that Monaco has become a mafia refuge for dirty money is one of the first tasks. —Reuters