Financial Crime World

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MONACO URGED TO BOOST FIGHT AGAINST MONEY LAUNDERING AND TERRORISM FINANCING

Strasbourg, January 23, 2023 - The Council of Europe’s anti-money laundering body, MONEYVAL, has called on Monaco to step up its efforts to combat money laundering and terrorist financing.

Report Highlights Areas for Improvement

The report, which assessed Monaco’s level of compliance with anti-money laundering and counter-terrorism financing (AML/CFT) standards, found that while the country has made some progress in understanding the risks of money laundering and terrorist financing, major improvements are needed to enhance its effectiveness. MONEYVAL noted that Monaco’s financial intelligence unit, SICCFIN, has produced high-quality analysis, but this is not fully used by investigative authorities.

Areas for Improvement

  • Investigations and Prosecutions: The report highlighted a need for more effective investigations and prosecutions of money laundering cases.
  • Confiscation of Proceeds of Crime: MONEYVAL urged Monaco to improve its confiscation and recovery of proceeds from crime.
  • Supervision of the Private Sector: The report recommended that Monaco strengthen its supervision of the private sector, particularly in sectors such as casinos and jewelers.

Concerns about Low Convictions and Lack of Sanctions

The report expressed concerns about the low number of convictions achieved and the lack of effective sanctions for non-compliance with AML/CFT obligations.

Improving International Cooperation and Extradition Procedures

MONEYVAL also noted that Monaco’s private sector has a poor AML/CFT risk understanding and compliance culture, particularly in sectors such as casinos and jewelers. The report recommended that Monaco improve its risk analysis and supervision of these sectors to prevent money laundering and terrorist financing.

Conclusion

In conclusion, MONEYVAL has urged Monaco to take concrete steps to address the shortcomings identified in the report and to demonstrate a stronger commitment to combating money laundering and terrorist financing. The report’s recommendations aim to help Monaco strengthen its AML/CFT framework and improve its effectiveness in preventing and prosecuting these crimes.