The text appears to be a series of repetitive news articles or reports about Monaco’s financial sector coming under scrutiny due to allegations of protecting Russian oligarchs’ fortunes and failing to implement anti-money laundering (AML) measures effectively. Here are the key points summarized:
- Scrutiny over protection of Russian oligarchs: Monaco’s financial sector is accused of allegedly protecting the fortunes of Russian oligarchs before aligning with international sanctions against Russia.
- Risk of being placed on a grey list: The country faces the risk of being placed on a grey list by the Financial Action Task Force (FATF) watchdog if it fails to implement structural reforms during its one-year observation period.
- Vulnerabilities in AML measures: A Council of Europe report highlights significant vulnerabilities in Monaco’s measures against money laundering, making it a “prime target” for illicit cross-border financial flows.
- Uneven effectiveness of AML system: The report notes that Monaco’s AML system is uneven, with many cases failing to be identified by authorities.
- Required improvements: Significant improvements are required in supervisory activities of financial institutions and non-financial businesses such as real estate agents and private banking firms.
Overall, the text highlights the challenges faced by Monaco’s financial sector in addressing money laundering risks and aligning with international standards.