Financial Crime World

Monaco’s Crusade Against Financial Crime: An Update from AMAF and Monaco’s Director of Judicial Services

On November 6, 2022, Monégasque Association of Financial Activities (AMAF) held a lunch conference where Monaco’s Director of Judicial Services, Laurent Anselmi, discussed the latest developments in financial crime prevention. Here are the key highlights of his talk.

Complexity of Financial Crimes

Anselmi started by acknowledging the multifaceted nature of financial crimes. These illicit activities could range from money laundering, fraud, terrorist financing, and international capital movements. The criminal intent varies, from financially motivated offenses to funding terrorist activities.

Monaco’s Commitment to Combating Financial Crimes

Despite the complexities, Monaco’s resolve against financial crimes remains unwavering. He highlighted Monaco’s efforts using classical tools and underscored the significant legislative advances in the last few decades.

Key Legislative Advances

  • Law of 8 January 1990 on mutual funds: Established regulatory frameworks for mutual funds.
  • Law of 26 July 1991: Outlined the legal and economic activities Monaco could perform.
  • Law of 7 July 1993: Introduced a money laundering offense into Monaco’s criminal code and amended the criminal procedure code.
  • Law of 9 July 1997: Related to portfolio management and associated stock market activities.

Proactive Legislation by Prince Albert II

Prince Albert II further fortified Monaco’s stance by focusing on regulatory vigilance. Two pivotal laws emerged:

  1. Law from 3 August 2009: Combated money laundering, terrorist financing, and corruption. It dealt with reporting suspicions, confidentiality of information, and ‘whistleblower’ systems.
  2. Law enacted on 28 June 2018: Reinforced previous measures in line with European directives. This legislation led to the creation of the Commission de Contrôle des Activités Financières (C.C.A.F.) and the emergence of a financial intelligence unit, the Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.F.I.N.), with enhanced powers.

Penalties for Financial Crimes

Anselmi also addressed the duality of penalties for such offenses. They could be administrative or criminal in nature, emphasizing Monaco’s holistic approach to tackling these transgressions.

Collaborative Efforts

The Director also revealed plans to collaborate with the Law Faculty in Nice for in-depth research on financial crimes and Monégasque law.

Conclusion

In closing, AMAF welcomed the update from Monaco’s Director of Judicial Services, who underlined the importance of continuous efforts to adapt to the rapidly evolving landscape of financial crimes. Monaco’s principled stance, proactive legislation, and effective investigative agencies continue to position Monaco as a reputable financial hub.

Statistical Data

Recent statistics showed that approximately 41% of all criminal cases in Monaco concerned economic and financial offenses, stressing the need for diligence and robust legislation in this area. By continuing their collaborative efforts, Monaco’s legal and judicial authorities are committed to ensuring a secure and prosperous financial environment, adhering to international standards and best practices.