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Monaco's AML Improvements: MONEYVAL Report

· 2 min read
Daniel Smith
Money Laundering Specialist

Strasbourg, France - In its latest report, the European anti-money laundering monitoring body, MONEYVAL, calls on Monaco to strengthen its anti-money laundering (AML) and counter-terrorist financing (CTF) measures.

Monaco's Current AML Framework and Areas for Improvement​

Monaco has made strides in implementing legislative and institutional reforms to upgrade its AML framework. Despite this, MONEYVAL identified potential areas for development:

  1. Investigation and Prosecution of Money Laundering Cases: Monaco should improve its investigation and prosecution procedures by:

    • Strengthening the role of the Financial Intelligence Unit (FIU)
    • Encouraging international cooperation
    • Establishing clearer money valuation regulations

  2. Confiscation and Recovery of Proceeds of Crime: Monaco can take a more robust approach to confiscating and recovering proceeds of crime by:

    • Setting up a centralized register of seized assets
    • Implementing civil money laundering procedures

  3. Strengthening the Supervisory System: Monaco should enhance its supervisory system through:

    • Implementing risk assessment mechanisms
    • Improving the supervision of non-financial sectors
    • Developing a more diverse and skilled workforce at the FIU and the judiciary

Monaco's Progress and Opportunities for Growth​

Olivier Albuisson, a MONEYVAL expert, acknowledged Monaco's significant progress in addressing financial crimes but emphasized the necessity for continued improvement:

"Monaco has made significant progress in recent years to address money laundering and terrorism financing issues. However, there’s always room for improvement, and Monaco can learn valuable lessons from its European neighbors to achieve even better results."

The report serves as a catalyst for Monaco to embrace the recommendations and improve its reputation as a reputable and responsible financial center, further strengthening its commitment to global efforts against money laundering and terrorism financing.

About MONEYVAL​

MONEYVAL is an independent European organization that monitors and evaluates Member States' anti-money laundering and counter-terrorist financing measures, publishing mutual evaluation reports to pinpoint strengths and weaknesses and encourage cooperation among European States.