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Money Laundering Techniques in Monaco Exposed

A recent report has shed light on the money laundering techniques used by criminals in Monaco, one of the world’s most famous tax havens. The report highlights a range of methods that are being employed to launder dirty money through the principality.

Methods Used

• Assessing risk and applying a risk-based approach to conceal illegal funds
• Exploiting national cooperation and coordination deficiencies to avoid detection
• Using complex financial structures and shell companies to hide assets and evade tax authorities

Deficiencies in Monaco’s Financial System

Monaco’s lack of transparency in its beneficial ownership register has made it easier for criminals to hide their identities and launder money through the country’s financial system.

• Absence of robust customer due diligence procedures at banks and other financial institutions
• Lack of effective regulation and supervision of financial institutions, creating an environment conducive to money laundering

New Technologies Used

Criminals are also using new technologies such as virtual currencies and cryptocurrencies to launder money through Monaco’s financial system.

Recommendations for Improvement

The report concludes that Monaco needs to take immediate action to address its weaknesses in combating money laundering and terrorist financing. The country must:

• Implement robust measures to prevent the misuse of its financial system
• Strengthen its regulatory framework
• Increase transparency in its beneficial ownership register

By addressing these issues, Monaco can work to prevent the misuse of its financial system and combat money laundering and terrorist financing more effectively.