Monaco Steps Up Efforts to Combat Financial Crime Following Critical Moneyval Report

Monaco, the French Riviera’s millionaire playground, has vowed to intensify its fight against financial crime after receiving a damning report from the Council of Europe’s Moneyval organization.

Moneyval’s Criticism

The report, published earlier this year, criticized Monaco for its slow pace of investigating money laundering cases and its lax supervisory system. The Prince’s Government expressed its full support for Moneyval’s recommendations.

Key Recommendations

According to the report:

• Monaco needs to strengthen its investigation and prosecution of money laundering offenses.
• The country must enhance its system for confiscating the proceeds of crime.
• The supervisory system requires significant improvement.

Initial Response

The Monaco Authorities have not yet announced specific measures to address these concerns. However, they have promised to take action and implement the necessary reforms.

Past Assessments

This is not the first time Monaco has faced criticism from Moneyval. A similar assessment in 2019 identified similar issues, and while progress has been made, the pace of change has not been fast enough.

Monaco’s reputation as a tax haven and a haven for the wealthy has attracted international scrutiny. Some accuse the country’s regulatory framework of facilitating ill-gotten gains and money laundering.

Europe and beyond are grappling with significant financial crime issues, with estimates suggesting it costs the global economy hundreds of billions of dollars annually.

The Path Forward

The Prince’s Government intends to collaborate with Moneyval and other international organizations to implement the recommended reforms and restore confidence in Monaco’s financial system.

Stay tuned for updates on this developing story.

Cassandra Tanti reporting for Monaco Life