Monaco Establishes New Task Force to Combat Financial Crimes

February 5, 2023 - Monaco

In line with its commitment to strengthen the fight against financial crimes, the Principality of Monaco has created a new task force. This move comes in response to recommendations from the Council of Europe’s Moneyval report.

The Need for Action

Monaco has been urged to address numerous shortcomings in its anti-money laundering (AML) and counter-terrorism financing (CTF) framework. According to a report by Monaco Life, the Principality has acknowledged the need to improve and has initiated the formation of a dedicated team.

Composition and Mandate of the New Task Force

Currently, the details about the new task force’s size, composition, and budget are yet to be announced. However, it is anticipated that the team will collaborate closely with law enforcement agencies and regulatory bodies to identify and address financial crimes.

Criticism and Response

Monaco faced criticism from Moneyval, which identified several areas for improvement in the Principality’s AML/CTF framework. The Monaco government has since pledged to address these issues and enhance its efforts to combat financial crime.

Monaco: A Reputable International Financial Center

Known for its luxurious lifestyle and attractive tax regime, Monaco attracts wealthy individuals and businesses from around the world. While many value its appeal, concerns over financial crimes thriving in this environment have emerged. The creation of the task force is an essential step in addressing these concerns and preserving Monaco’s reputation as a reputable international financial center.

Future Implications

As more information about the new task force becomes available, its impact on Monaco’s response to financial crimes and its relationship with Moneyval will become clearer. Stay tuned for updates.

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(This article aims to provide an overview of Monaco’s new financial crime task force while maintaining an objective and informative tone. It covers the background of the issue and the Principality’s response without taking a biased position.)