Title: Monaco Urged to Bolster Its Anti-Money Laundering and Counter-Terrorism Financing Measures

Date: 23 JANUARY 2023

The Council of Europe’s anti-money laundering body, MONEYVAL, has released a report urging Monaco to strengthen its efforts against money laundering (ML) and the financing of terrorism (FT). Following is a summary of the report’s main findings and recommendations.

Key Findings and Recommendations

Boosting Investigation and Prosecution Capabilities

The report highlights the need for Monaco to enhance its investigation and prosecution capabilities:

• Apply enhanced scrutiny to transactions and entities posing higher risks
• Effectively investigate and prosecute ML and FT cases

Confiscation and Recovery of Proceeds of Crime

Monaco was advised to improve its efforts in confiscating and recovering proceeds of crime:

• Establish a dedicated institution responsible for managing confiscated assets
• Ensure effective execution of confiscation orders

Strengthening the Supervisory System

MONEYVAL advised Monaco to strengthen its supervisory system by adopting a risk-based approach:

• Tailor supervision to effectively manage ML/FT risks
• Foster collaboration between supervisors and law enforcement agencies

Evaluation Details

The onsite evaluation took place from 19 to 29 October 2021 and included an examination of Monaco’s:

• Legal framework
• Implementation of regulations
• Operational aspects

The next on-site evaluation is scheduled for 2026.

Conclusion

By addressing these areas, Monaco will:

• Better position itself to mitigate ML and FT risks
• Establish a robust anti-money laundering regime
• Adhere to international standards
• Improve transparency and overall economic stability

The full report is available on the MONEYVAL website at https://www.moneyval.coe.int.