Monaco Takes Unwavering Stand Against Money Laundering and Terrorist Financing with New Legislation

A Decisive Move Against Financial Crimes

In a unanimous vote, the National Council of Monaco has passed bill no. 1.077, solidifying the principality’s commitment to combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

Meeting International Standards

The comprehensive legislation comprises approximately 130 provisions, drafted and reviewed in record time to meet the recommendations of the Moneyval Committee. This demonstrates Monaco’s dedication to adhering to the highest international standards in the fight against financial crimes.

Key Provisions:

• Transformation of the Information and Control Service on Financial Circuits (S.I.C.C.FIN.) into an independent administrative authority, the “Monegasque Financial Security Authority”.
• Equipping this autonomous body with necessary resources and means for three critical functions: financial intelligence, supervision, and the examination and imposition of sanctions.

A Nation-wide Effort

The Government has expressed its appreciation to the National Council for their cooperation on this matter. This vote is a continuation of numerous measures already undertaken by Monaco to combat money laundering and terrorist financing.

Future Legislative Proposals

Further legislative proposals, including bill no. 1.078 - Part II, are set to be voted on in the near future.

Prioritizing Financial Security

Monaco views the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction as a top priority. The nation is committed to engaging all public and private stakeholders daily towards achieving this goal. By taking a dedicated stand against these threats, Monaco ensures a safer and more secure financial environment for its citizens and international partners alike.