The Principality of Monaco is going through one of the most delicate moments in its recent history. What until recently were rumors or unverified leaks has now been confirmed. Charlene and Prince Albert are at the center of a financial scandal with evidence and official statements that have shaken the country's stability.
The image of the sovereign couple is being seriously damaged. Monegasque citizens now show their disbelief and confusion in the face of revelations that few expected. The so-called "Claude Palmero affair" has shaken the foundations of the palace and threatens to lead to legal and institutional consequences.
The Claude Palmero case: 20 years of Charlene and Prince Albert's secrets exposed
The epicenter of this media earthquake has a first and last name: Claude Palmero. This man was, for two decades, the administrator of Prince Albert's finances, responsible for managing his assets and overseeing the palace's accounts. However, he is now the main whistleblower of an alleged financial scheme that directly involves both the head of state and Charlene.
According to the magazine Mujer Hoy, the accountant has made a series of statements to the police that are, at the very least, compromising. He has claimed that Albert wanted "as little paper trail as possible and for his assets to be opaque." This statement calls into question the transparency of the royal family's financial dealings.
That's not all, because in his testimony, he also confessed that the prince asked him in 2017 to find him a bachelor apartment, outside official control. And that it shouldn't be in his name, in order to avoid any suspicion, especially from his wife. This detail, beyond the financial aspect, has raised many questions about the sovereign's private life.
To make matters worse, Palmero has also directly accused Princess Charlene of having squandered large sums of public money. According to his calculations, she would have spent approximately €15,000,000 (about $16,535,000) over a period of just eight years. All this, even though her official annual allowance is €1,500,000 (about $1,653,500).
Among the expenses attributed to her are a luxurious renovation of her office in Monte Carlo, the restoration of a villa, and financial transfers sent to her family in South Africa. In a country like Monaco, this information has caused outrage among citizens and is clearly damaging the couple's image.
Charlene and Prince Albert react, but the pressure mounts
Given the magnitude of the scandal, Prince Albert has wasted no time in taking action. He has filed a complaint against Claude Palmero for violation of professional secrecy, as well as for invasion of private and family life. With this, he is trying to stop the wave of headlines and questions flooding European media.
However, this reaction hasn't managed to contain the growing discontent. Many interpret his legal move as a defensive maneuver in the face of the accusations, rather than a forceful and transparent response that would dispel doubts about the principality's financial management.
The reputational damage is already done. The Monegasque couple is seeing their credibility plummet. Social media are boiling with criticism, memes, and even theories about what might be behind so many opaque financial maneuvers.
The most serious consequences may be yet to come. The European Commission itself has announced its intention to include Monaco on the blacklist of countries that don't meet the minimum requirements in the fight against money laundering. This move would have major diplomatic, fiscal, and reputational implications for the small state.
This decision could affect the tax agreements it keeps with several EU member countries, and even impact key sectors of its economy, such as private banking, real estate investment, or top-level tourism.
Meanwhile, public opinion is divided. Some argue that this is a smear campaign against the royal family. Others demand clearer explanations, external audits, and a complete restructuring of the palace's economic operations.
The immediate future is uncertain for Monaco's sovereigns. What is clear is that the "Palmero affair" has opened a rift between the institution and the people. This rift can only be closed with clear answers, firm decisions, and accountability that has so far been conspicuously absent.