Monaco Strengthens Anti-Money Laundering Policies with New Law
In an effort to combat criminal activities, the National Council of Monaco has adopted Law No. 1.503 on Money Laundering, the fight against corruption and the financing of terrorism on December 23, 2020. This new law aims to strengthen the legal framework established by Law n° 1.362 of August 3, 2009, as amended.
Response to EU Anti-Money Laundering Directive
The adoption of this law is also a response to the need to transpose into domestic law measures equivalent to the 5th European anti-money laundering directive, which was issued on May 30, 2018. The deadline for transposition in Monaco was set at December 31, 2020, at the latest.
Key Novelties
With the introduction of this new law, Monaco is further solidifying its commitment to combating criminal activities and maintaining a robust legal framework that ensures the integrity of its financial system. The law introduces several key novelties aimed at enhancing the country’s anti-money laundering efforts, including:
- Enhanced reporting requirements: The law introduces new reporting obligations for financial institutions, lawyers, notaries, and other professionals subject to anti-money laundering regulations.
- Increased transparency: The law requires more transparency in financial transactions, making it easier to detect and prevent money laundering and terrorist financing activities.
Importance of Compliance
The law serves as a reminder for all individuals and entities subject to anti-money laundering obligations to familiarize themselves with the new provisions and ensure compliance. It is essential that everyone plays their part in maintaining a robust legal framework that ensures the integrity of Monaco’s financial system.
By adopting this new law, Monaco is demonstrating its commitment to combating criminal activities and upholding international standards on anti-money laundering measures.