Corruption investigations in Monaco: Prince's ex-advisor in police custody

An affair involving corruption and influence peddling in the Principality of Monaco that has been going on for years is spreading further. The former school friend and advisor of Prince Albert II, the lawyer Thierry Lacoste, was taken into police custody as part of an investigation into a huge real estate project that collapsed, the lawyer's office confirmed after relevant media reports.

Lacoste testified to the police about allegations made by a real estate tycoon "who is dissatisfied because certain real estate projects in the Principality of Monaco were not allocated to him," the law firm said. The magnate is trying to exploit the Monegasque justice system to his advantage. Those who have fought against corruption for years and who could not be silenced are now accused of “corruption or influence peddling”.

Collapsed construction project led to legal dispute

The “Esplanade des Pêcheurs” construction project in Monaco was a mixture of real estate project, museum and Formula 1 areas. A long legal battle ensued between the Monegasque state and the private developer. Even in a scaled-down version, the project has not yet been implemented.

Since the publication of a dossier with anonymous accusations against the prince's previous confidants in 2021, there has been a legal-media mudslinging and an avalanche of investigations in Monaco. Four former confidants, the so-called “G4”, are accused of embezzlement and attempting to bring the principality under their control. They in turn denounce the alleged influence of a well-known real estate tycoon on decisions in Monaco, but at the same time are accused of being too close to the tycoon's competitors.

Former prince confidant under judicial supervision

Most recently, in June last year, the former president of the Supreme Court of Monaco and former confidant of the prince, Didier Linotte, was placed under judicial supervision on suspicion of corruption, money laundering and influence peddling.

In the summer of 2025, the machinations behind the scenes even led to the newly appointed head of government of Monaco canceling a week before taking office. The top French official explained his move by trying to prevent him from successfully carrying out his duties in advance. In his place, a former prefect from southern France took over the government office.

Deficiencies in the fight against financial crime

The financial center of Monaco is considered a playground for the well-off and super-rich and was a tax haven for a long time. But Monaco has long been accused of not doing enough to combat money laundering and financial crime. Just last year, the European Commission included the principality on a list of countries with strategic deficiencies in this area.