Monaco Takes Unwavering Stand Against Financial Crime with Sweeping Legislation

A Landmark Moment in Combating Money Laundering and Terrorist Financing

In a resounding show of commitment, the Principality of Monaco has passed landmark legislation aimed at combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The unanimous vote on Bill No. 1.077, passed on June 29, 2023, underscores Monaco’s determination to meet the highest international standards in the fight against financial crime.

Comprehensive Legislation: A Testament to Monaco’s Dedication

The comprehensive bill comprises an impressive 130 provisions, a testament to the nation’s dedication to tackling these complex and ever-evolving threats. The legislation was established and reviewed at record speed to align with the recommendations of the Moneyval Committee, further solidifying Monaco’s reputation as a champion of financial security.

Key Provisions: Enhancing Financial Security

• Transformation of S.I.C.C.FIN.: The Information and Control Service on Financial Circuits (S.I.C.C.FIN.) is transformed into an independent administrative authority known as the “Monegasque Financial Security Authority.”
• Financial Intelligence, Supervision, and Sanctions: This autonomous body will wield significant powers, including financial intelligence, supervision, and the imposition of sanctions.

A Strong Partnership: The Government’s Gratitude

The Government has expressed its gratitude to the National Council for their cooperation in this matter. The vote is a culmination of numerous measures already undertaken by Monaco, with further legislative proposals on the horizon. Bill No. 1.078 - Part II is set for voting in the near future, a clear indication that the nation’s commitment to fighting financial crime will only continue to intensify.

A Shared Goal: Protecting Citizens and Maintaining Financial Stability

Monaco views the combatting of money laundering, terrorist financing, and the proliferation of weapons of mass destruction as an absolute priority. The nation’s public and private sectors are fully engaged in this endeavor, working tirelessly towards a common goal.

Conclusion

The passage of Bill No. 1.077 marks a significant milestone in Monaco’s ongoing efforts to safeguard its financial system against illicit activities. As the nation continues to set the standard for international cooperation and best practices, it remains steadfast in its dedication to protecting its citizens and maintaining its reputation as a secure and stable financial hub.