Monaco Imposes Financial Sanctions on Individuals and Entities

Committed to Implementing UN Resolutions and EU/French Economic Sanctions

The Principality of Monaco has announced a new round of financial sanctions targeting individuals and entities accused of terrorism, terrorist financing, and the proliferation of weapons of mass destruction. As a member of the United Nations, Monaco is committed to implementing UN Security Council Resolutions (UNSCRs) related to these issues.

Additional Economic Sanctions

In addition to the UNSCRs, Monaco has also imposed economic sanctions decreed by the European Union and France. The move aims to disrupt the financial networks of individuals and entities accused of supporting or financing terrorism, terrorist activities, and weapons proliferation.

Guidelines for Financial Institutions and Designated Non-Financial Businesses and Professions

The Budget and Treasury Department has issued a statement inviting financial institutions and designated non-financial businesses and professions (DNFBPs) to familiarize themselves with the latest changes to the National List of natural or legal persons subject to a freeze on funds and economic resources in Monaco.

Targeted Financial Sanctions Guidelines

A new set of guidelines for targeted financial sanctions has also been issued by the Advisory Committee on Asset Freezing. The guidelines are designed to assist financial institutions and DNFBPs understand the procedures for implementing targeted financial sanctions in Monaco, ensuring compliance with international regulations and preventing the misuse of the financial system.

Commitment to Combating Global Threats

The Principality’s commitment to implementing UN resolutions and EU/French economic sanctions demonstrates its determination to combat global threats and maintain a stable and secure financial environment.