Monaco Stamps Out Money Laundering with Tough New Law

In a bid to strengthen its legal framework against criminal activities, the National Council of Monaco has adopted Law No. 1.503 on Money Laundering, Corruption and Terrorism Financing. This landmark legislation aims to crack down on illicit transactions and bring Monaco’s anti-money laundering (AML) regulations in line with European Union standards.

A Significant Update

The new law is a significant update to existing AML laws, particularly Law n ° 1.362 of August 3, 2009, which has been amended several times since its inception. The Principality of Monaco has long been committed to combating money laundering and other financial crimes, and this latest legislation represents a major step forward in that effort.

Meeting EU Requirements

The new law is also designed to meet the requirements of the 5th European Anti-Money Laundering Directive, which came into effect on May 30, 2018. The deadline for transposition of the directive was set at December 31, 2020, and Monaco has met this requirement with the adoption of Law No. 1.503.

Impact on Businesses

The new provisions will have a significant impact on businesses operating in Monaco, including:

• Banks
• Financial institutions
• Other professionals who provide services related to money transactions

As such, it is essential that these entities are aware of their AML obligations under the new law and take steps to comply with its requirements.

Commitment to Combating Financial Crimes

With this latest development, Monaco continues to demonstrate its commitment to maintaining a robust and effective system for preventing money laundering and combating financial crimes.