Financial Crime World

Monaco Takes Steps to Enhance Fintech Security Measures Against Financial Crime

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Strengthening Defenses Against Financial Crime in Monaco

In an effort to bolster its defenses against financial crime, the Principality of Monaco has taken significant strides in implementing new strategies and meeting international recommendations. A recent high-level committee meeting convened by Minister of State Pierre Dartout aimed to provide a comprehensive overview of the situation and ensure alignment with global standards.

Committee Meeting on July 27th

According to a government statement issued on July 31st, the Committee for the Coordination and Monitoring of the National Strategy to Combat Money Laundering, the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction and Corruption met on July 27th. The committee’s primary objectives were to:

  • Assess progress in implementing national action plans
  • Address Moneyval recommendations
  • Evaluate digital asset risk assessments

Key Outcomes from the Meeting

The meeting resulted in several key outcomes, including:

  • Adoption of an Action Plan by the Department of Tax Services: This plan aims to strengthen tax compliance and prevent money laundering.
  • Approval of the Council of the Order of Lawyers and Advocates-Defenders’ Action Plan: This plan focuses on enhancing legal professionals’ awareness and responsibility in combating financial crime.
  • Risk Assessment for Terrorism Financing: The committee conducted a thorough risk assessment to identify vulnerabilities and develop strategies to mitigate them.
  • Memorandum of Understanding between the General Prosecutor’s Office, Public Security Department, and SICCFIN Contact Group: This memorandum aims to enhance cooperation and information sharing among relevant authorities to combat financial crime.

Monaco’s Commitment to Combating Financial Crimes

Monaco’s government has reaffirmed its commitment to combating financial crimes, stating that the Principality “reiterates its total involvement in the fight against money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction and corruption.”

This move reflects Monaco’s dedication to maintaining a secure and transparent financial environment.