Financial Crime World

Monaco Turns Up the Heat in Fight Against Financial Crime

In the wake of a damning report from Moneyval, Monaco’s authorities have launched a high-stakes effort to strengthen their defenses against money laundering and terrorist financing. The goal: avoid being placed on the FATF Grey List by May 2024.

Prince Albert’s Clear Message

“We are putting ourselves in battle order, in warrior mode,” declared Prince Albert, emphasizing the need for precision and improvement. The stakes are high: failure would be catastrophic for the Principality’s reputation and economy.

Monaco’s Action Plan

Since the Moneyval report was published in January 2023, Monaco has been racing against time to implement a National Action Plan aimed at significantly strengthening existing measures against financial crime. The plan includes:

  • Concrete and operational measures to improve the system for freezing funds and economic resources
  • Investigations, prosecutions, international cooperation, and obligations of care by professionals in the private sector
  • Transparency of legal entities through the creation of the AMSF (Monégasque Financial Security Authority), an independent administrative authority responsible for anti-money laundering policing

Progress Made

“We have made very significant progress in terms of effectiveness,” said Minister of State Pierre Dartout, citing the work done by the Business Development Agency to verify beneficial owners and clean up the register of commercial and civil companies.

  • Deregistration of companies has been a priority, with measures aimed at identifying dormant companies and making their information publicly accessible
  • Sanctions have been significantly increased, and the power to sanction will evolve with the creation of AMSF

The FATF Grey List

The FATF’s Grey List identifies countries that are actively working to address their strategic anti-money laundering deficiencies. Monaco left the Black List in 2009 and is determined to avoid being placed on the Grey List by May 2024. The country’s stability, political and economic, is at stake.

Conclusion

Monaco’s authorities are confident that their efforts will yield significant progress and help the Principality avoid being placed on the FATF Grey List. With its reputation and economy at stake, Monaco is committed to doing everything necessary to meet international standards in the fight against financial crime.