Monaco Vows to Implement MONEYVAL Recommendations Amid Fears of Grey List Placement
Government Responds Critically to MONEYVAL Report
In response to a critical report from MONEYVAL, the Principality’s government has pledged to rapidly implement recommendations aimed at improving transparency and anti-money laundering procedures. The 12-month observation period may lead to Monaco being placed on the grey list of countries that fail to comply with international standards.
MONEYVAL Report Highlights Concerns
The report, released Monday, criticized delays in anti-money laundering procedures and lengthy appeal processes, prompting several financial publications to highlight MONEYVAL’s criticisms. The government has vowed to implement the recommendations, which include:
- Strengthening its system
- Further enhancing policies and practices
“We fully endorse the recommendations put forward in this document,” said Pierre Dartout, Minister of State. “We will continue to enhance our actions in the fight against money laundering and terrorism.”
Progress Made So Far
Jean Castellini, Minister of Finance and Economy, added that significant progress has been made to date, including:
- Passage of laws on international legal assistance
- Seizure and confiscation of instruments and proceeds of crime
Monitoring Committee Established
A Monitoring Committee has been established to oversee the implementation of the recommendations, with experienced experts set to support the process. MONEYVAL, a Council of Europe monitoring body, assesses compliance with anti-money laundering standards and makes recommendations for improvement.
Swift Response to Avoid Grey List Placement
The government’s swift response comes as Monaco faces the possibility of being placed under observation next month, which could lead to its inclusion on the grey list in March 2024. The Principality is determined to meet the deadline and align itself with the highest international standards in the fight against money laundering and terrorism.
Conclusion
Monaco’s government has shown a commitment to implementing MONEYVAL recommendations and meeting international anti-money laundering standards. With the establishment of a Monitoring Committee, the country is well on its way to avoiding grey list placement and ensuring the continued integrity of its financial system.