Monaco Vows to Intensify Financial Crime Crackdown after Scathing Moneyval Report
In the wake of a damning report by the Council of Europe’s Moneyval committee, Monaco has pledged to strengthen its efforts to combat money laundering and terrorist financing.
International Scrutiny Following Moneyval Report
- Monaco under intense international scrutiny
- Council of Europe’s Moneyval committee’s critical assessment
- Prince’s Government vows more robust actions
Despite the principality’s reputation for glamour and opulence, Monaco has found itself in the shadow of criticism following Moneyval’s report. The report accused Monaco of insufficient efforts to combat financial crimes.
Moneyval’s Recommendations
- Enhancing investigation and prosecution of money laundering
- Bolstering efforts to confiscate proceeds of illicit activities
- Improving supervisory system to detect and deter financial crimes
In response to the criticism, Monaco’s authorities have expressed full support for these recommendations.
“Monaco to ‘Step Up’ Financial Crime Action after Critical Moneyval Report” - Monaco Life
Global Focus on Financial Crimes
- Increased global focus on financial crimes
- Several nations grappling with money laundering scandals
- Monaco joins the ranks of countries under pressure
These developments come during a time when the focus on financial crimes, especially in Europe and beyond, has never been greater.
Moneyval’s Assessment in 2022
- On-site visit in January 2023
- Reputation for taking a hands-off approach to financial crimes
- Embracing more proactive measures
Moneyval’s report, which took place in October and November 2022, was based on an on-site visit in January 2023. Though Monaco had previously been seen as taking a hands-off approach to financial crimes, it is now moving towards more proactive measures.
Areas of Concern and Solutions
- Limited resources
- Lack of information sharing between law enforcement agencies and private sector
- Collaboration with European counterparts and financial institutions
The report highlighted certain areas of concern, such as limited resources and a lack of information sharing between law enforcement agencies and the private sector. To rectify these shortcomings, Monaco intends to collaborate with European counterparts and financial institutions.
Reaffirming the Commitment
- President of Monaco Financial Prosecution reaffirms commitment
- Determination to strengthen supervisory system and capacity to investigate financial crimes
- Assurance to international partners
The President of the Monaco Financial Prosecution has reassured international partners, including France, of Monaco’s determination to “step up its efforts” to “strengthen its supervisory system and its capacity to investigate financial crimes.”
A Responsible and Vigilant Member of the International Community
- Implementing suggested reforms
- Demonstrating responsibility and vigilance
- Demonstrating Monaco’s commitment to the international community
Monaco’s pledge to address its perceived shortcomings can only serve to solidify its reputation as a responsible and vigilant member of the international community. The upcoming months will demonstrate whether Monaco can successfully implement the suggested reforms and put the damaging report behind it.