Monaco is facing a royal financial scandal as Claude Palmero, the longtime accountant and financial manager for Prince Albert II and his family, stands accused of serious financial misconduct. Known as the man who managed the secrets of the royal vaults and villas, Palmero is now at the center of an ongoing investigation that could shake one of Europe’s most discreet monarchies.
From Loyalty to Legal Battle
For over 20 years, Palmero was considered a pillar of trust in the Grimaldi household. He oversaw the royal family’s investment portfolios, managed personal expenditures, and ensured smooth financial operations. However, that trust has shattered after Prince Albert and his sisters filed criminal complaints against him, alleging breach of trust, theft, money laundering, and forgery.
Routine Audit Sparks Major Probe
The controversy first surfaced in 2023 when French authorities, during standard financial checks, noticed inconsistencies in accounts tied to Monaco’s royals. What initially appeared minor soon unraveled into deeper financial irregularities. As scrutiny intensified, more questions emerged about Palmero’s handling of vast sums of money.
Secret Transfers and Unofficial Accounts
One of the most controversial findings involves a $15.9 million transfer made in 2018 to Nicole Coste, Prince Albert’s former partner and the mother of his child. According to notes from Palmero, this payment was kept secret at the prince’s request to avoid alerting his wife.
Investigations revealed that nearly $800,000 in undocumented personal expenses went unnoticed over the years. Additionally, Palmero allegedly combined his own investments with those of the prince, overseeing over $113 million in mixed funds.
Prince Responds to Betrayal
In messages reviewed by The Wall Street Journal, Prince Albert expressed frustration and disappointment, stating he had to “blow the whistle” to bring the truth to light. The prince, who had previously admitted to being disengaged from financial management, now finds himself forced to publicly address the crisis.
Palmero, on the other hand, has shifted blame back to the royal, questioning how the sovereign could remain unaware of his own finances for over two decades.
Impact on Royal Projects
The scandal has already affected royal initiatives. A proposed $2 million donation to Amherst College, Prince Albert’s alma mater, was postponed due to difficulties in accessing funds tied up in Palmero’s investments.
Ongoing Investigation and Legal Action
Monaco’s royal family has confirmed that the matter is now being handled by the judiciary. In a formal statement, the prince’s legal team assured the public that “all necessary measures have been taken” and that legal proceedings are underway.
As the investigation unfolds, Europe watches closely as secrets behind Monaco’s luxury facade continue to emerge.
