Financial Crime World

Financial Crime Prevention Strategies Unveiled in Monaco’s First Committee Meeting

The Principality of Monaco has taken a major step towards combating financial crimes with the inaugural meeting of its new Committee for the Coordination and Monitoring of the National Strategy to Combat Money Laundering, Terrorism Financing, Weapons Proliferation, and Corruption.

Committee Formation and Purpose

The committee was formed following the National Council’s unanimous approval of two new laws on January 31st, targeting money laundering, fraudulent virtual currency transfers, terrorism financing, and other fiscal offenses. The committee is chaired by Minister of State Pierre Dartout and tasked with implementing a comprehensive strategy to prevent and fight financial crimes in all their forms.

National Strategy

During its first meeting on February 3rd, Minister of Finance and Economy Jean Castellini presented the national strategy, emphasizing the importance of prevention, deterrence, national coordination, and international cooperation.

Key Components

  • Prevention: Identifying and addressing vulnerabilities to prevent financial crimes
  • Deterrence: Imposing effective sanctions to discourage criminal activities
  • National Coordination: Collaborating with various institutions to ensure a cohesive approach
  • International Cooperation: Sharing information and best practices with global partners

Committee Structure

The committee is divided into two groups:

Group 1: Institutions

  • National Council
  • Secretary of State for Justice
  • Directorate of Judicial Services
  • Government Advisor-Ministers from various sectors
  • Attorney General
  • Director of Information and Control Service on Financial Circuits
  • Comptroller General of Public Security
  • Director of Budget and Treasury
  • Economic Expansion
  • Tax Services
  • Secretary General of the Financial Activities Control Commission
  • Head of the Gaming Control Department
  • French Customs Office in Monaco

Group 2: Representatives from Professions Subject to Anti-Money Laundering Laws

  • Order of Chartered Accountants and Chartered Accountants of Monaco
  • Order of Lawyers-Defenders and Lawyers
  • Monegasque Association of Financial Activities
  • Monegasque Association of Compliance Officers
  • Monegasque Real Estate Chamber
  • Monegasque Association of Professionals in Administration of Foreign Structures
  • Federation of Monegasque Companies
  • Union of Traders and Artisans of Monaco
  • Monegasque Chamber of Watchmaking and Jewellery

Secretariat

SICCFIN’s Director, Michel Hunault, will lead the Secretariat of the Committee, responsible for monitoring the strategy.

Objective

The committee is a platform for exchange, dialogue, and consultation aimed at achieving a common objective – implementing the national strategy for 2022-2024. According to officials, the national strategy is a top priority in line with guidelines set by HSH Prince Albert II.

Conclusion

With this new committee in place, Monaco is poised to take a significant step forward in its efforts to combat financial crimes and maintain its reputation as a safe and secure jurisdiction.