Financial Crime World

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Money Laundering in Monaco: A Nation-Long Fight Against Financial Crime

Monaco has been a pioneer in combating money laundering and terrorist financing, adopting strict regulations and laws to prevent these illegal activities from taking hold in its financial sector. The principality’s legal framework is based on Act No. 1.362, passed in 2009, which brought together all anti-money laundering provisions under one law and updated them to align with international standards set by the Financial Action Task Force (FATF).

Ensuring Compliance

To ensure compliance with these regulations, Monaco has established a financial investigation unit called Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN). This agency is responsible for:

  • Analyzing and processing declarations of suspicious transactions made by professionals subject to anti-money laundering laws
  • Conducting on-site visits to monitor compliance with these regulations

International Commitments

Monaco has demonstrated its commitment to combating money laundering and terrorist financing on the international stage. Since joining the Council of Europe in 2004, it has actively participated in the work of the MONEYVAL Experts’ Committee, which ensures that member states have effective systems in place to prevent these crimes. The principality is also a member of the Egmont Group, an organization of financial intelligence units from over 140 countries.

A Model for Other Nations

Through its legislative reforms and international commitments, Monaco aims to provide a high level of legal security for monetary and financial transactions, making it an attractive destination for banks and financial institutions while preventing illegal activities from taking place. With its strong regulations and proactive approach, Monaco is setting an example for other nations in the fight against money laundering and terrorist financing.