Monaco Steps Up Fight Against Financial Crime with New Task Force

Intensifying Efforts Against Money Laundering and Terrorism Financing

Just weeks after a scathing report from Moneyval, Monaco’s anti-money laundering body, the Principality has launched a new task force to crack down on financial crime. This move comes in response to the Council of Europe’s anti-money-laundering body’s call for Monaco to “intensify efforts” in combating money laundering and financing of terrorism.

New Supervisory Committee Established

The new supervisory committee was established through Sovereign Ordinance No. 9.729, signed on February 1st. The committee will oversee the implementation of Moneyval’s recommendations and is responsible for:

• Coordinating and monitoring all matters related to fighting money laundering, financing of terrorism, and financing of weapons proliferation
• Developing a national strategy and action plan to target areas where Monaco was found lacking by Moneyval
• Collecting and analyzing statistics on financial crime in Monaco
• Studying international treaties and recommending government action
• Submitting an annual report on financial crime in Monaco

Reaction from the National Council

The Monegasque government’s swift response has come as a surprise to some, with the National Council reacting with “astonishment” at being left out of the decision-making process. Despite this, the council has pledged to play a full role in working towards Moneyval recommendations.

Positive Step Forward

The move is seen as a positive step forward in Monaco’s efforts to combat financial crime, and observers are watching closely to see if the new task force will deliver on its promise.