Financial Crime Prevention Strategies in Monaco Take Centre Stage with New Laws

============================================================

Monaco’s commitment to combating financial crime has been reaffirmed with the approval of two new legislative bills by its Sovereign Prince. The laws aim to update the Principality’s legal framework on money laundering, terrorist financing, and corruption.

Collaborative Effort

The development of these laws was a collaborative effort between government representatives, industry professionals, and the National Council. According to Monaco’s Minister of State, Pierre Dartout, maintaining the country’s credibility and attractiveness as a global financial hub is crucial.

Key Provisions

• The new legislation enhances Monaco’s justice system capabilities by increasing its capacity to confiscate illicitly acquired capital.
• The scope of offenses has been expanded to include payment instruments such as virtual currency.
• Professionals will be required to assist with money laundering prevention efforts, with the list of subject professions set to be extended based on the National Risk Assessment.

Stakeholder Consultation

The government consulted extensively with industry stakeholders and the public throughout the process, seeking to strike a balance between effective risk management and maintaining Monaco’s financial industry attractiveness.

Benefits

• The newly adopted laws are expected to further bolster Monaco’s reputation as a global leader in financial crime prevention.
• Transparency and accountability will be ensured in the financial industry while maintaining its attractiveness.

Upcoming Meeting

The first meeting of the Committee for Coordination and Monitoring of the National Strategy on Money Laundering, Terrorist Financing, Proliferation of Weapons of Mass Destruction, and Corruption is scheduled to take place on February 3.