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Monaco Scores High on AML and CFT Regulations
According to the latest FATF Mutual Evaluation Report, Monaco has demonstrated a high level of compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The report assesses the country’s implementation of the technical requirements of the FATF Recommendations.
Compliance Highlights
- Monaco scored highly in several areas, including:
- R.1 - Assessing risk and applying a risk-based approach: largely compliant (LC)
- R.3 - Money laundering offence
- R.5 - Terrorist financing offence
- R.10 - Customer due diligence
Partial Compliance
- Monaco showed partial compliance (PC) in several areas, including:
- R.12 - Politically exposed persons
- R.16 - Wire transfers
- R.26 - Regulation and supervision of financial institutions
Strengths and Weaknesses
- Monaco’s AML/CFT regime was praised for its strong national cooperation and coordination, as well as its effective regulation and supervision of financial institutions.
- However, the report identified some areas where Monaco fell short, including:
- R.14 - Money or value transfer services: non-compliant (NC)
- The country has been urged to improve its monitoring and reporting of suspicious transactions.
- R.14 - Money or value transfer services: non-compliant (NC)
Conclusion
Overall, Monaco’s strong AML/CFT regime is a testament to its commitment to combating financial crime and protecting the integrity of its financial system.