Financial Crime World

Monaco Takes a Stand Against Money Laundering and Terrorist Financing

For years, the Principality of Monaco has been at the forefront of combating money laundering and terrorist financing. With a robust legal framework in place, Monaco has consistently strengthened its anti-money laundering (AML) laws and regulations to meet international standards set by the Financial Action Task Force (FATF).

AML Laws and Regulations

Since the introduction of the first AML law in 1993, Monaco’s legal and statutory framework has undergone significant revisions to reflect changing international best practices. The current legislation is based on Act No. 1.362, dated August 2009, which consolidated and updated the provisions to comply with FATF recommendations.

Effective Implementation

To ensure effective implementation of these regulations, Monaco has established a financial investigation unit, the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN). With broad investigative powers, SICCFIN plays a crucial role in:

  • Analyzing and processing declarations of suspicious transactions by professionals subject to AML laws
  • Conducting on-site visits to monitor compliance with legal obligations by these professionals

International Cooperation

As a member of the Council of Europe since 2004, Monaco has actively participated in the work of the MONEYVAL Experts’ Committee. This committee aims to ensure that member states have implemented effective systems to counter money laundering and terrorist financing.

Additionally, SICCFIN is a member of the Egmont Group, an international organization comprising financial intelligence units from over 140 countries.

International Agreements

The Principality has also signed administrative cooperation agreements with its foreign counterparts, currently standing at 43 agreements. These international commitments demonstrate Monaco’s commitment to combating money laundering and terrorist financing on a global scale.

Contribution to the Banking and Financial Sector

Through these efforts, the Monaco Government is contributing to the development and modernization of the country’s banking and financial sector, ensuring a high level of legal security for monetary and financial transactions that meets international standards expected of a modern and attractive banking centre.