Monaco Takes a Stand Against Money Laundering and Terrorist Financing
The Principality of Monaco has been at the forefront of combating money laundering and terrorist financing for years. To ensure the integrity of its financial system, Monaco has adopted a robust legal framework that aligns with international standards set by the Financial Action Task Force (FATF).
A History of Compliance
Monaco’s national law has undergone significant changes since the first anti-money laundering law was enacted in 1993. The current legal mechanism is based on Act No. 1.362, dated August 3, 2009, which consolidated and updated existing legislation to align with FATF Recommendations.
The Role of SICCFIN
The financial investigation unit, Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN), plays a crucial role in Monaco’s anti-money laundering efforts. Its dual mandate includes:
- Analyzing and processing declarations of suspicious transactions submitted by professionals subject to Act No. 1.362 and its implementing regulations
- Monitoring the proper implementation of legal obligations through on-site visits
International Cooperation
Monaco has been an active participant in the Council of Europe’s MONEYVAL Experts’ Committee since joining the organization in 2004. The committee ensures 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. As of February 2015, Monaco has signed 43 administrative cooperation agreements with its foreign counterparts.
A Commitment to Compliance
Through these legislative reforms and international commitments, the Monaco Government’s efforts to combat money laundering and terrorist financing are contributing to the development and modernization of the country’s banking and financial sector. By ensuring a high level of legal security for monetary and financial transactions, Monaco aims to establish itself as a reputable and attractive banking center in line with international standards.
Conclusion
Monaco’s commitment to combating money laundering and terrorist financing is unwavering. Through its robust legal framework and international cooperation, the principality is ensuring that its financial system remains secure and compliant with international standards.