Financial Crime World

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Monaco Under Scrutiny for Financial Sanctions Enforcement

A recent evaluation by the Financial Action Task Force (FATF) has placed Monaco under the spotlight for its implementation of financial sanctions. The assessment, which focuses on the country’s technical requirements to combat money laundering and terrorist financing, reveals areas where Monaco falls short.

FATF Ratings: Partial Compliance

The FATF ratings indicate that Monaco is only “partially compliant” in several key areas, including:

  • Targeted financial sanctions related to terrorism and terrorist financing
  • Proliferation
  • Non-profit organizations
  • Correspondent banking

Additionally, Monaco received low marks for its internal controls and foreign branches and subsidiaries, as well as its reliance on third parties.

Positive Aspects

On the positive side, Monaco was found to be “largely compliant” in many areas, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Regulation and supervision of financial institutions

Monaco also received high marks for its powers of supervisors and law enforcement agencies.

Concerns Raised

However, Monaco’s poor performance in several key areas has raised concerns about the effectiveness of its financial sanctions enforcement regime. The FATF report highlights the need for Monaco to strengthen its mechanisms for identifying and prosecuting money laundering and terrorist financing offenses.

Monaco’s Response

In response to the findings, Monaco has promised to take steps to address the identified shortcomings and improve its compliance with international standards. The country’s government has vowed to:

  • Enhance internal controls
  • Improve cooperation with foreign authorities
  • Increase efforts to detect and prevent illicit financial activities

Broader Effort

The FATF evaluation is part of a broader effort to ensure that countries around the world are doing enough to combat money laundering and terrorist financing. The organization’s ratings are closely watched by international financial institutions and governments, and can have significant implications for a country’s access to international markets and financial services.

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