Monaco Takes Steps to Boost Financial Crime Investigations after Moneyval Warning
After being warned by the Council of Europe’s anti-money-laundering body Moneyval to strengthen its measures against money laundering and terrorist financing, Monaco has taken swift action to boost its financial crime investigations. A new task force has been launched to combat these crimes, and a supervisory committee has been established to oversee the implementation of Moneyval’s recommendations.
New Supervisory Committee Established
On February 1st, Sovereign Ordinance No. 9.729 was signed, establishing a new supervisory committee to coordinate and monitor efforts to fight money laundering, terrorist financing, and proliferation of weapons of mass destruction. The committee will:
- Develop and implement a national strategy and action plan to combat financial crimes
- Collect and analyze statistics on financial crime in Monaco
- Study international treaties and agreements related to anti-money-laundering measures
- Coordinate with relevant authorities, including the National Council
- Submit an annual report on financial crime in Monaco
Focus Areas
The committee will focus on areas where Monaco was found wanting by Moneyval, including:
- Developing a national strategy and action plan to combat money laundering and terrorist financing
- Improving international cooperation and information exchange with other countries
- Enhancing the effectiveness of anti-money-laundering measures in Monaco’s financial sector
- Strengthening supervision and enforcement mechanisms
Reactions
While the creation of the new task force has been welcomed as a positive step towards strengthening Monaco’s financial crime-fighting system, not everyone is pleased with the speed at which the government has acted. The National Council has expressed “astonishment” at being kept out of the loop on developments, particularly its exclusion from the committee’s first tier of influence.
Despite these concerns, the National Council remains committed to the committee’s mission and plans to play a full role in working towards Moneyval’s recommendations. The creation of the new task force is seen as a major step forward in Monaco’s fight against financial crime, and it remains to be seen how effective this new approach will be in tackling the issue.