Financial Sanctions List in Monaco Reaches New Levels of Transparency
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The Principality of Monaco, a committed member of the United Nations, has taken another significant step in its efforts to combat terrorism, terrorist financing, and the proliferation of weapons of mass destruction. The Budget and Treasury Department recently published the latest updates to the National List of natural or legal persons subject to a freeze on funds and economic resources in Monaco.
New Additions to the Sanctions Regime
According to the list, which was updated with MD 2024-60 on July 5th, several individuals and entities have been added to the sanctions regime. These additions are part of Monaco’s efforts to align its sanctions policy with that of the European Union and France.
Guidelines for Financial Institutions and DNFBPs
To ensure a smooth implementation of targeted financial sanctions in Monaco, the Advisory Committee on Asset Freezing has issued guidelines for Financial Institutions and Designated Non-financial Businesses and Professions (DNFBP). The Targeted Financial Sanctions Guidelines provide a clear framework for understanding the procedures and requirements for implementing these sanctions in Monaco.
Transparency and Accountability
The principality’s commitment to transparency is evident in its efforts to keep the public informed about the latest developments in its financial sanctions regime. The National List of sanctioned individuals and entities, as well as the guidelines for implementation, are now readily available online.
A Strong Message from Monaco
As a major financial hub in Europe, Monaco’s actions send a strong message to those who engage in illicit activities that they will be held accountable. The principality’s robust sanctions regime is an important tool in its efforts to combat money laundering, terrorist financing, and other financial crimes.
Conclusion
By making this information publicly available, the Government of Monaco demonstrates its commitment to transparency and accountability, while also providing a safe and secure environment for businesses and individuals to operate.