MONACO’S FINANCIAL INTELLIGENCE UNIT TAKES CENTER STAGE
The Financial Intelligence Unit (FIU) of the Monegasque Financial Security Authority is responsible for receiving, analyzing, and processing declarations submitted by entities and individuals subject to Article 1 and Article 2 of Act no. 1.362 of August 3, 2009.
Independent Operations
Operating independently, the FIU does not receive instructions from any authority as it discharges its duties. This autonomy allows the FIU to carry out its mandate without external influence or interference.
Investigation and Reporting
In carrying out its investigation, the FIU scrutinizes declarations and may solicit additional information from various sources, including:
- Bodies and persons concerned under Article 1
- Police services
- Government departments
- The Public Prosecutor
- National supervisory authorities
- Other relevant entities
If the investigation uncovers a serious indication of money laundering, terrorist financing, or corruption, the FIU prepares a detailed report that is submitted to the Public Prosecutor alongside all pertinent documents.
Confidentiality and Urgent Action
The FIU’s report does not include the original statement, which is protected from being included in any procedural documents under penalty of measures outlined in Article 308 of the Criminal Code. In exceptional cases where the situation demands urgent action, the FIU may intervene to prevent any transaction on behalf of the client, as stipulated in Article 37 of Act no. 1.362 of August 3, 2009.
Notification and Objection
The FIU’s notification to oppose a transaction must be made in writing or via fax or electronic means before the expiration of the relevant period. This objection will remain in force for up to five working days from the date of notification, effectively halting any transactions during this time.
Key Areas of Focus
The FIU engages in two key areas:
Operational Analysis
- Exploits available information to identify specific targets
- Traces activities or operations
- Establishes links between these targets and potential proceeds of crimes, money laundering, and terrorist financing
Strategic Analysis
- Uses data provided by other competent authorities to detect money laundering and terrorist financing trends and patterns
Conclusion
By discharging its duties with diligence and independence, the Monegasque Financial Security Authority’s Financial Intelligence Unit plays a crucial role in combating financial crime and maintaining the integrity of Monaco’s financial system.