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Monaco’s Financial Intelligence Unit Cracks Down on Money Laundering and Terrorist Financing

The Principality of Monaco has implemented a robust legal framework to combat money laundering and terrorist financing. This framework meets international standards recommended by the Financial Action Task Force (FATF) and has undergone regular revisions since the first anti-money laundering law was introduced in 1993.

Consolidated Efforts

Act No. 1.362, passed in August 2009, consolidated and strengthened existing provisions to align with FATF Recommendations. This law empowers a financial investigation unit, SICCFIN, to carry out its duties effectively.

SICCFIN’s Roles

• Analyzing and processing suspicious transaction declarations from professionals subject to the anti-money laundering regulations
• Conducting on-site visits to ensure compliance with legal obligations

International Cooperation

Monaco is a member of:

• Council of Europe: Since joining in 2004, Monaco has actively participated in MONEYVAL’s Experts’ Committee, aimed at ensuring member states have effective systems to combat money laundering and terrorist financing.
• Egmont Group: An international organization comprising over 140 countries’ financial intelligence units, facilitating information sharing and collaboration in the fight against money laundering and terrorist financing.

Administrative Cooperation Agreements

Monaco has signed 43 administrative cooperation agreements with foreign counterparts, enabling:

• Information sharing
• Collaboration in the fight against money laundering and terrorist financing

Aims of Monaco’s Government

Through legislative reforms and international commitments, Monaco’s government aims to:

• Develop and modernize its banking and financial sector
• Ensure a high level of legal security for monetary and financial transactions that meets the standards expected of a modern, attractive banking center