Title: Monaco’s Commitment to Combatting Financial Crimes: Government’s Response to MONEYVAL Report

Princely Government’s Pledge to Implement MONEYVAL’s Recommendations

Monaco’s Princely Government has vowed to act upon the suggestions made in the latest MONEYVAL Report, which commends Monaco’s progress against money laundering and terrorism financing but highlights areas for enhancement.

Minister of State, Pierre Dartout, declared Monaco’s intent to prioritize implementing the MONEYVAL recommendations to meet international best practices against financial crimes. Dartout stated, “Monaco’s commitment to being an ethical and transparent jurisdiction aligns with our sovereign’s vision.”

Areas for Improvement and Progress Made

Adherence to International Norms

Minister of Finance and Economy, Jean Castellini, echoed Dartout’s support for the recommendations. He acknowledged that substantial progress has already been made, with the Monaco parliament passing several significant laws at the end of the previous year. These legislative measures targeted key sectors, such as international legal assistance and crime proceeds seizure and confiscation.

MONEYVAL’s Role and Function

Founded in 1997, MONEYVAL is the monitoring body of the Council of Europe responsible for assessing nations’ compliance with major international norms against money laundering and terrorist financing. Furthermore, the organization advises member states on necessary improvements to their systems. With ongoing evaluation and follow-up on reports, MONEYVAL aims to strengthen national authorities’ capacities in this crucial fight.

Report Recognitions and Recommendations

The January 23, 2023, MONEYVAL Report praised the Monaco authorities’ advancements in combating financial crimes. However, it also identified areas that require improvement. The Government will create a Monitoring Committee, supported by external experts, to oversee the implementation of the recommendations, with a deadline to address all of them by March 2024.

Confidence in Meeting Set Timeline

Castellini expressed confidence in Monaco’s capacity and resources to meet these standards within the stipulated timeframe. He stated, “We are well-prepared and capable of achieving these targets.”