Accreditation at the International University of Monaco

One question for AMBA (the association of MBAs) is how they accredited a program where several students (at least 5 out of 26) did not complete their GMAT until after the 1st semester was over). How can a business school accept applicants who have not written the GMAT prior to admission?

I have been asked a few times since this week if the International University of Monaco's programs are accredited.

The MLUX (Masters in Luxury), the MFIN (Masters in Finance), and the MIBGA (Masters in International Business and Global Affairs) are NOT accredited. What does that mean?

http://www.articlesbase.com/college-and-university-articles/why-is-accreditation-important-while-selecting-a-college-964141.html
"When choosing a degree program, one important factor to consider is to check which agencies have accredited the school or the program in which you are interested. Visit the school’s website and look for the accreditation symbols. Most colleges will have a page devoted to accreditation but if you are still not satisfied, contact the issuing authority to find out more information. Even though accreditation may not seem the likely place to begin when investigating your college, it is a reliable starting point of an indication of the institution’s academic offerings and to decide whether it’s the best investment of your money and time."

Further:
" -- Transfer of credits is only possible from one college to another, if both are accredited.
-- Applying for a job after you graduate might prove to be difficult if your qualifications or degree has been granted by a school that is not accredited. In short, your entire education might be proved to be a waste of time, effort and money."