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MONACO URGED TO BOOST COMPLIANCE EFFORTS AGAINST MONEY LAUNDERING AND TERRORISM FINANCING

Strasbourg, January 23rd, 2023

The Council of Europe’s anti-money laundering body, MONEYVAL, has called on Monaco to strengthen its efforts to combat money laundering and the financing of terrorism. In a comprehensive report published today, MONEYVAL highlighted significant shortcomings in Monaco’s compliance with international standards.

Significant Shortcomings

While acknowledging some progress, the report emphasized that fundamental improvements are needed to enhance effectiveness in: * Supervising financial institutions * Investigating and prosecuting money laundering cases * Confiscating and recovering criminal proceeds

MONEYVAL criticized Monaco for lacking a robust risk-based approach to combating money laundering, citing: * Inadequate analysis of money laundering threats * Insufficient use of financial intelligence * Low number of convictions achieved * Limited number of confiscation measures ordered

Commendations and Concerns

The Monegasque Financial Intelligence Unit (SICCFIN) was commended for producing high-quality analysis, but MONEYVAL noted that its findings were not being fully utilized by investigative authorities. Additionally, the report highlighted deficiencies in: * Beneficial ownership checks * Risk understanding * Supervision of obliged entities

Private Sector Efforts

Turning to the private sector, MONEYVAL found that while some financial institutions are implementing anti-money laundering measures, others are lagging behind. The number of suspicious transaction reports from casinos and jewelers remains low, despite their significance in Monaco’s economy.

Limited Progress on Targeted Financial Sanctions

Monaco was also criticized for its limited progress in implementing targeted financial sanctions against terrorist financing and proliferation financing. The report noted a lack of prosecutions and convictions related to terrorism financing and expressed concern over the absence of a risk-based approach to combating this threat.

Call to Action

MONEYVAL urged Monaco to address these shortcomings and improve its overall compliance with international standards. The organization applied its enhanced follow-up procedure, inviting Monaco to report back in December 2024.