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Monaco Tightens Grip on Money Laundering and Terrorist Financing
In its ongoing battle against money laundering and terrorist financing, Monaco has been at the forefront of international efforts to combat these financial crimes. The Principality’s strong regulatory framework is designed to keep pace with evolving global standards and best practices.
A Strong Regulatory Framework
Since the introduction of the first anti-money laundering law in 1993, Monaco has consistently updated and strengthened its legal mechanisms to stay ahead of emerging threats. Today, the country’s legislation is based on Act No. 1.362, which was enacted in 2009 to bring all relevant provisions under a single umbrella.
Effective Implementation
To ensure effective implementation, Monaco has established the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN), a financial investigation unit with broad investigative powers. SICCFIN’s dual role involves:
- Analyzing and processing suspicious transactions reported by professionals subject to anti-money laundering regulations
- Conducting on-site visits to monitor compliance with legal obligations
International Cooperation
Monaco has also been an active participant in the work of MONEYVAL Experts’ Committee since joining the Council of Europe in 2004. The committee aims to ensure that member states have put in place effective systems to counter money laundering and terrorist financing, and comply with relevant international standards.
In addition, SICCFIN is a member of the Egmont Group, an international organization comprising financial intelligence units from over 140 countries. By signing 43 administrative cooperation agreements with foreign counterparts as of February 2015, Monaco has further solidified its commitment to international cooperation in combating money laundering and terrorist financing.
Guaranteeing Legal Security
Through these legislative reforms and international commitments, the Monaco Government is contributing to the development and modernization of the country’s banking and financial sector. The ultimate goal is to guarantee a level of legal security for monetary and financial transactions that meets the standards expected of a modern, attractive banking center.