Financial Crime World

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Monaco Urged to Step Up Efforts in Fight Against Money Laundering

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Strasbourg, 23 January 2023 - Council of Europe’s MONEYVAL Publishes Report

Monaco should strengthen its measures to combat money laundering and financing of terrorism, according to a report published today by the Council of Europe’s anti-money laundering body MONEYVAL.

Progress and Shortcomings in Anti-Money Laundering Efforts

The report assesses Monaco’s level of compliance with international standards set by the Financial Action Task Force (FATF) as at March 2022. While acknowledging progress in some areas, it identifies significant shortcomings in others.

Sectors Requiring Further Analysis

  • Casinos
  • Company services providers
  • Trusts

Areas for Improvement

The report highlights the need for improvements in supervising entities subject to anti-money laundering and combating the financing of terrorism (AML/CFT) obligations. Deficiencies have been noted in relation to beneficial ownership checks, while sanctions for failure to comply with these obligations are considered limited and not proportionate.

Recommendations

  • Strengthening the supervisory system
  • Improving transparency on legal persons
  • Addressing gaps in international cooperation

Enhanced Follow-Up Procedure

MONEYVAL encourages Monaco to strengthen its efforts in investigating and prosecuting money laundering cases, confiscating and recovering proceeds of crime. The report expresses concerns regarding the very low number of convictions achieved and the even lower number of confiscation measures ordered.

Report Available Online

The report is available in English and French on MONEYVAL’s website at www.moneval.coe.int.

Contact Information

MONEYVAL Secretariat
Tel.: +33 (0)3 88 41 35 30
Fax: +33 (0)3 88 41 39 11
Email: moneval@coe.int

Note to Editors

MONEYVAL is the Council of Europe’s anti-money laundering body. Its main goal is to assess and improve countries’ compliance with international standards on preventing money laundering and financing terrorism.

The report on Monaco’s level of compliance with FATF Recommendations as at March 2022 can be found here: www.moneval.coe.int.