Financial Crime World

Monaco Takes Lead in Combating Financial Crime with Enhanced Intelligence Unit

The Principality of Monaco has made significant strides in strengthening its financial intelligence unit, SICCFIN, to reinforce its commitment to fighting organized crime, money laundering, and terrorist financing.

International Cooperation

SICCFIN has signed agreements with 49 other financial intelligence units worldwide, solidifying its position as part of the Egmont Group comprising 151 such units globally. This international cooperation enables Monaco to share intelligence and best practices with other jurisdictions, enhancing its ability to combat financial crime.

Commitment to Combating Financial Crime

The initiative is a direct response to a directive issued by H.S.H. the Sovereign Prince when he ascended to the throne, emphasizing Monaco’s role at the forefront of combating money laundering and terrorist financing.

Industry Recommendations

To further enhance its efforts, the Monaco Association for Financial Activities (AMAF) has developed industry recommendations akin to those prevalent in major banking sectors. These guidelines outline the obligations and diligence required of Monegasque financial institutions when:

  • Identifying and verifying customers
  • Monitoring capital movements

Initially published in 2000 and updated in November 2004, these recommendations have been widely adopted by the financial sector in Monaco.

Association Monégasque des Compliance Officers (AMCO)

The AMAF also spearheaded the creation of AMCO through a ministerial decree in June 2002. AMCO members convene regularly to:

  • Share knowledge and expertise
  • Develop best practices for preventing money laundering and terrorist financing

Recognition by International Organizations

Monaco’s efforts have been recognized by international organizations, including:

  • Financial Action Task Force (FATF)
  • Moneyval (Council of Europe)
  • International Monetary Fund (IMF)

The principality’s robust regulatory framework has been commended for its effectiveness in combating financial crime.