Monaco Passes Landmark Bill to Combat Money Laundering and Terrorist Financing

On June 29, the Principality of Monaco passed bill no. 1.077 with a unanimous vote, marking a significant step forward in its efforts to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

Key Provisions of the Bill

• The bill establishes an independent administrative authority, the Monegasque Financial Security Authority (MFS), which will have three key functions:
  • Financial intelligence: gathering and analyzing data on financial transactions to detect suspicious activity
  • Supervision: monitoring financial institutions and individuals to prevent illicit activities
  • Examination and imposition of sanctions: investigating and penalizing those found to be involved in money laundering, terrorist financing, or weapons proliferation

Transformation of S.I.C.C.FIN.

The bill transforms the Information and Control Service on Financial Circuits (S.I.C.C.FIN.) into the MFS, a more autonomous body with the power to make its own decisions.

Government Response

In a statement, the Government thanked the National Council for its cooperation on the matter, describing it as a continuation of numerous measures already undertaken to combat these threats. The vote sets the stage for further legislative proposals, including bill no. 1.078 - Part II, which is set to be voted on in the near future.

Monaco’s Commitment

Monaco has made it clear that fighting money laundering, terrorist financing, and weapons proliferation is an absolute priority. The Principality is committed to meeting the highest international standards in these areas and involves all public and private stakeholders in achieving this goal daily.