Financial Crime World

Monaco’s Financial Intelligence Unit Leads the Fight Against Money Laundering, Terrorism Financing, and Corruption

=====================================================

The Principality of Monaco has been a pioneer in combating money laundering, terrorist financing, and corruption (AML/CFT-C) for years. This commitment to fighting financial crimes is reflected in its legislative package, which complies with international standards recommended by the Financial Action Task Force (FATF).

In accordance with national law, Monaco has implemented a legislative package that ensures a high level of legal security for monetary and financial transactions. The first anti-money laundering law was introduced in 1993, and since then, Monaco’s legal framework has undergone regular revisions to comply with international best practices.

Effective Implementation through SICCFIN

To ensure effective implementation of AML/CFT-C measures, the Principality relies on its financial investigation unit, SICCFIN. As a member of the Egmont Group, an international organization comprising over 130 countries’ financial intelligence units, SICCFIN collaborates with foreign counterparts to share information and best practices.

International Cooperation

Collaboration through the Egmont Group

SICCFIN is part of the Egmont Group, which enables it to work closely with other countries’ financial intelligence units. This collaboration facilitates the sharing of information and best practices, strengthening the global fight against AML/CFT-C.

Bilateral Agreements

Monaco has signed nearly thirty cooperation agreements with other nations, allowing for effective information exchange and joint efforts in combating financial crimes.

Participation in European Regulatory Bodies

In addition to its bilateral agreements, Monaco actively participates in European regulatory bodies specializing in AML/CFT-C, such as:

  • MONEYVAL Experts’ Committee: a platform for exchanging best practices and expertise in the fight against money laundering and terrorist financing.
  • Group of States against Corruption (GRECO): an organization focused on preventing corruption through international cooperation and capacity building.

By collaborating with other countries and regulatory bodies, Monaco’s SICCFIN plays a vital role in the global effort to combat money laundering, terrorist financing, and corruption.