Financial Crime World

Monaco Establishes New Committee to Combat Financial Crimes following Moneyval Report

Monaco’s commitment to strengthening its efforts against financial crimes gained momentum in February 2023, with the announcement of a new supervisory committee. The move came in response to recommendations from the Council of Europe’s anti-money-laundering body (Moneyval).

Moneyval’s Criticisms and Recommendations

Moneyval’s assessment report, published in December 2022, identified several areas where Monaco needed to improve its approach to combating money laundering, terrorist financing, and the financing of weapons of mass destruction (WMD). The report suggested Monaco intensify its measures, particularly in:

  1. Investigating and prosecuting money laundering
  2. Confiscating and recovering proceeds of crime
  3. Enhancing its supervisory system

Monaco responded swiftly, announcing the creation of the new supervisory committee less than a month after receiving the report.

The Role and Responsibilities of Monaco’s New Committee

Monaco’s new committee, named the Financial Information and Anti-Money Laundering Control Committee (CIF), plays a pivotal role in Monaco’s strategy to combat financial crimes. Its responsibilities include:

  1. Coordinating and monitoring all matters related to AML, ATF, and WMD efforts.
  2. Implementing a national strategy and action plan to address these areas.
  3. Collaborating with international organizations to evaluate and adopt relevant treaties and conventions.
  4. Analyzing statistics and information from competent authorities and reporting to the government and the Directorate of Judicial Services annually with an Activity Report on financial crimes in Monaco.

Improving Communication and Collaboration

The formation of the new committee earlier than anticipated was a welcome surprise to many. However, some stakeholders, including the National Council, expressed concerns over the lack of early communication about the committee’s foundation. Regardless, the National Council remains committed to the committee’s mission and the fight against financial crimes.

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Monaco [Image Credit: Mihxi Ax for Unsplash]