Monaco Tightens Anti-Money Laundering Regulations with New Law

In its ongoing efforts to combat criminal activities, the National Council of Monaco has adopted Law No. 1.503 on Money Laundering, Corruption and Terrorist Financing, which is set to take effect immediately.

Strengthening Existing Legal Framework

The new law builds upon the existing legal framework established by Law n ° 1.362 of August 3, 2009. This move demonstrates Monaco’s commitment to strengthening its anti-money laundering measures and maintaining its reputation as a country dedicated to combating financial crimes.

Implementing EU’s 5th Anti-Money Laundering Directive

The adoption of Law No. 1.503 is part of Monaco’s efforts to implement the EU’s 5th Anti-Money Laundering Directive, which was introduced in May 2018 and had a December 31, 2020 deadline for transposition into national laws.

Key Provisions of Law No. 1.503

The new law aims to enhance the effectiveness of anti-money laundering measures in Monaco by:

• Setting out clear guidelines for businesses and individuals operating in the Principality
• Emphasizing the importance of adhering to strict AML obligations
• Ensuring that Monaco remains at the forefront of international efforts to combat criminal activities

Resource for Compliance Guidance

A newsletter has been released providing an overview of the new provisions and their implications for individuals and entities subject to AML regulations. This valuable resource serves as a guide for those seeking guidance on complying with Monaco’s anti-money laundering requirements.

By adopting Law No. 1.503, Monaco is further demonstrating its commitment to combating financial crimes and maintaining its position as a responsible player in the international community.