Financial Crime World

Monaco Intensifies Battle Against Financial Crime

The Principality of Monaco has been at the forefront of combating money laundering and terrorist financing for years, with its robust legal framework in line with international standards recommended by the Financial Action Task Force (FATF).

A Proactive Approach to Tackling Financial Threats

Monaco’s national law has undergone significant amendments since the introduction of its first anti-money laundering law in 1993. The current legal mechanism, based on Act No. 1.362, enacted in August 2009, consolidates and updates provisions to comply with FATF Recommendations.

Implementing Mechanisms

A key player in implementing this mechanism is the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN), a financial investigation unit entrusted with broad investigative powers. SICCFIN’s primary responsibilities include:

  • Analyzing and processing suspicious transaction declarations filed by professionals subject to Act No. 1.362
  • Conducting on-site visits to ensure compliance with legal obligations

International Cooperation

Monaco has been an active participant in the Council of Europe’s MONEYVAL Experts’ Committee since joining the organization in 2004. The committee aims to ensure member states have implemented effective systems to combat money laundering and terrorist financing, while adhering to international standards.

Additionally, SICCFIN is a member of the Egmont Group, an international organization comprising financial intelligence units from over 140 countries. Monaco has signed 43 administrative cooperation agreements with its foreign counterparts as of February 2015, demonstrating its commitment to international cooperation in fighting financial crime.

Contribution to the Development of the Banking and Financial Sector

Through its legislative reforms and international commitments, the Monaco government is contributing to the development and modernization of the country’s banking and financial sector, ensuring a high level of legal security for monetary and financial transactions that meets the standards expected of a modern and attractive banking center.