Monaco’s Battle Against Financial Crime: Principality Intensifies Efforts to Avoid FATF Grey List
Monaco’s authorities have stepped up their efforts in response to the Moneyval report, which placed the Principality under reinforced monitoring. With a May 2024 deadline looming and the possibility of being registered on the Financial Action Task Force (FATF) Grey List, Monégasque officials have reaffirmed their commitment to upholding international standards against money laundering and terrorist financing.
Prince Albert II: Steadfast Dedication to Preventing Financial Crimes
Prince Albert II directly addressed the issue in an interview with Le Figaro, emphasizing Monaco’s intent to achieve the highest standards in the prevention and repression of financial crimes. He highlighted the importance of addressing these matters for the future of Monaco’s economy, which is renowned for its political and financial stability.
“Monaco remains steadfastly dedicated to achieving the highest standards in the prevention and repression of financial crimes.”
- Prince Albert II
Government’s Responses and Actions Taken
Following the publication of the Moneyval report, the government was prompted to act. Minister of State Pierre Dartout publicly declared Monaco’s commitment to comply with the most stringent international standards within the 12-month monitoring period.
Creating a Monitoring Committee
This commitment led to the formation of a Monitoring Committee, chaired by Minister of State Dartout, to implement Moneyval’s recommendations and develop a National Action Plan.
Legislation and Regulations
Subsequent legislation was introduced to:
- Verify the beneficial owners of corporations
- Strengthen regulations for professionals in the private sector
- Bolster the Monégasque Financial Security Authority (AMSF)
Expansion of AMSF
The AMSF now serves as Monaco’s anti-money laundering police, with its staff doubled in size in the past 12 months, and plans to hire thirty new experts.
Deregistering Dormant Companies
Monaco has taken decisive steps to deregister dormant companies and made the relevant information accessible to the public and authorities.
Sophie Thevenoux: Current Head of AMSF
Sophie Thevenoux currently leads the AMSF as interim director, with the appointment of a new director scheduled for next spring.
Progress and Future Preparations
Minister of State Dartout expressed satisfaction with Monaco’s progress in this area in an interview with Monaco-Matin:
“Our progress in this area is profound. The measures taken within the Ministry of Finance by the Business Development Agency are particularly effective. We have intensified our actions to identify the real beneficiaries of companies and purge our register.”
- Minister of State Pierre Dartout
As the FATF deadline approaches, Monaco’s future reputation and economic stability depend on its ability to achieve the necessary improvements to avoid the Grey List. Previously, Monaco left the OECD’s Black List in 2009, and repeating this experience is a critical concern for the Principality.