Title: Monaco Urged to Intensify Anti-Money Laundering Measures by EU Watchdog (MONEYVAL)

Overview

• Monaco encouraged to strengthen measures against Money Laundering (ML) and Financing of Terrorism (FT) by MONEYVAL, EU anti-money laundering body.
• Comprehensive report evaluates Monaco’s compliance with FATF Recommendations [March 2022].

Key Findings

1. Need for more effective investigations and prosecutions:
   • Ineffective supervision.
   • Insufficient and inconsistent investigations.
   • Low number of confiscation measures.
2. Improvement needed in transparency of legal persons:
3. More Rigorous checks on beneficial ownership for high-risk entities:
   • Higher focus on DNFBPs (designated non-financial business and professions).
4. Supervision and ML probes and convictions:
5. Impactful work by Monégasque Financial Intelligence Unit (SICCFIN):
   • Notable work in producing high-quality analysis.
   • Limited utilization by investigative authorities.
6. Progress in private sector compliance:
   • Potential improvements, especially among DNFBPs.
7. Terrorism financing regulations:
   • Commendable implementation of UNSCRs.
   • Concerns regarding risk analysis, supervision, and enforcement.
   • Lack of prosecutions or convictions.
8. International cooperation:
   • Opportunities for enhancement in mutual legal assistance.
   • Streamlining extradition processes.
   • Addressing legislative barriers to collaboration.

Call for Intensified Measures

• Monaco invited to submit progress report in December 2024.
• MONEYVAL stresses the importance of continuous improvement in ML/FT prevention efforts.

[Link to the Report ENGLISH / FRENCH]: [insert link]