Monaco Tightens Grip on Financial Crime: €1.42 Million in Sanctions Issued Against 38 Companies

===========================================================

Government Efforts to Combat Financial Crime Yield Results

The Principality of Monaco has made a significant move in its fight against financial crime by issuing sanctions against 38 companies between 2022 and 2024, according to a report released by the government on August 5. The report highlights the country’s commitment to maintaining stringent financial regulations and upholding the highest standards of transparency and accountability.

Breakdown of Fines Imposed

• Financial Sector: €280,000 in penalties imposed on companies operating within this sector.
• Real Estate Sector: €406,500 in fines issued to companies operating in this area.
• Non-Financial Sectors (excluding Real Estate): €738,000 in penalties.

Temporary Suspension of License

A report from 2023 revealed that one company had its license to operate temporarily suspended for six months. However, the name of the company and its industry remain undisclosed.

Commitment to Combating Financial Crime

The move demonstrates Monaco’s commitment to maintaining stringent financial regulations despite increasing international pressure to curb financial crimes within its jurisdiction. The government’s efforts highlight a clear intention to uphold the highest standards of transparency and accountability in the face of growing scrutiny.

Conclusion

As Monaco continues to push for greater clarity and enforcement, it is clear that the country remains resolute in its pursuit of combating financial crime and maintaining the integrity of its financial systems.