Financial Crime World

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Monaco Takes Steps to Strengthen Financial Crime Data Analysis

Monaco has made significant progress in implementing measures to combat financial crime, according to a recent report by the Financial Action Task Force (FATF). The country has achieved a high level of compliance with international standards, particularly in areas such as assessing risk and applying a risk-based approach, national cooperation and coordination, and confiscation and provisional measures.

Highlights of the Report

  • Monaco’s strong legislation and effective implementation of sanctions have been praised for preventing money laundering and terrorist financing.
  • The country has demonstrated significant improvements in its financial intelligence unit, statistics, and guidance and feedback mechanisms.
  • Monaco has also made progress in implementing targeted financial sanctions related to terrorism and terrorist financing, proliferation, and preventing the misuse of new technologies.

Areas for Improvement

  • Regulation and supervision of non-profit organizations
  • Transparency and beneficial ownership of legal persons
  • International cooperation

The FATF evaluation assessed Monaco’s compliance with 40 Recommendations aimed at preventing money laundering and combating terrorist financing. The country scored highly in several areas, including:

Risk Assessment and Risk-Based Approach (R.1)

National Cooperation and Coordination (R.2)

Confiscation and Provisional Measures (R.4)

Monaco also demonstrated significant progress in implementing targeted financial sanctions related to:

Terrorism and Terrorist Financing (R.6)

Proliferation (R.7)

Preventing the Misuse of New Technologies (R.15)

Challenges Ahead

  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • International cooperation

The FATF evaluation provides a comprehensive assessment of Monaco’s efforts to combat financial crime and will inform the country’s future anti-money laundering and counter-terrorism financing policies.

In conclusion, Monaco has made significant progress in implementing measures to combat financial crime, but still faces challenges in certain areas. The FATF evaluation provides a roadmap for the country’s future efforts to strengthen its anti-money laundering and counter-terrorism financing framework.