Financial Crime World

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Monaco Urged to Step Up Fight Against Money Laundering and Financing of Terrorism

Strasbourg, January 23, 2023 - MONEYVAL Report Calls for Improved Efforts

The Council of Europe’s anti-money laundering body, MONEYVAL, has published a report urging Monaco to take further action to combat money laundering and the financing of terrorism. The report highlights several areas where Monaco needs to improve its efforts to prevent fraudulent transactions.

Major Improvements Needed

While Monaco has made some progress in understanding the risks associated with money laundering and terrorist financing, MONEYVAL found that major improvements are needed to enhance its supervisory system, investigations, and prosecutions. The report noted that:

  • Monaco’s Financial Intelligence Unit (SICCFIN) produces high-quality financial intelligence, but it is not fully utilized by investigative authorities.
  • The low number of convictions achieved and the lack of confiscation measures ordered are concerning.
  • The supervisory system lacks transparency in beneficial ownership checks, and sanctions for non-compliance with anti-money laundering regulations are inadequate.

Private Sector Concerns

MONEYVAL also highlighted concerns about the private sector:

  • While some banks and financial institutions have implemented anti-money laundering measures, others have a poorer compliance culture.
  • There is a need for improved suspicious transaction reporting by casinos and jewelers, which play an important role in Monaco’s economy.

Recommendations and Next Steps

MONEYVAL recommended that Monaco:

  • Strengthen its international cooperation
  • Improve its risk analysis
  • Enhance its ability to confiscate and recover proceeds of crime
  • Report back on its progress in implementing these recommendations by December 2024

In a statement, MONEYVAL emphasized that “the fight against money laundering and terrorist financing is a shared responsibility” and called on Monaco to take concrete steps to strengthen its anti-money laundering regime.