Financial Crime World

Monaco’s Efforts to Combat Money Laundering Fall Short, Says Moneyval Report

The Prince’s Government in Monaco has been urged by Moneyval, the Council of Europe’s anti-money-laundering body, to intensify its efforts to investigate and prosecute money laundering cases. According to a recent report, Monaco needs to further strengthen its measures to combat money laundering and financing of terrorism.

Report Highlights

  • Despite significant work in identifying risks, Monaco is called upon to step up its efforts.
  • Low number of investigations into money laundering cases and convictions obtained.
  • Small number of confiscation measures ordered.
  • Lack of use of the Monegasque Financial Intelligence Unit (SICCFIN), which produces high-quality analysis but is not fully utilized by investigative authorities.

Recommendations

  • Enhance efforts to identify and prioritize money laundering cases.
  • Seize and confiscate proceeds of crime, and recover assets.
  • Increase the number of suspicious transaction reports (STRs) from non-profit organizations.
  • Improve the use of SICCFIN to provide financial intelligence to investigative authorities.

Government Response

Minister of Finance and Economy Jean Castellini emphasized that Monaco has already taken measures to strengthen its system and notable progress has been made. The Government has set up a Monitoring Committee responsible for adopting the recommendations of the report and will be accompanied by reputable and experienced experts throughout the process.

Commitment to Implementation

The Prince’s Government has committed to continuing implementation of Moneyval’s recommendations in order to comply with the highest international standards by the end of the 12-month monitoring period, which began on January 23rd. The Government believes that Monaco has the capacities and resources to reach the highest level within the prescribed timeframe.

Conclusion

The report highlights the need for Monaco to intensify its efforts to combat money laundering and financing of terrorism. The Government’s commitment to implementing the recommendations will be closely monitored, and it is essential that Monaco takes concrete steps to strengthen its anti-money-laundering measures.