Party Officials Reveal Financial Data in Latest Transparency Push
In a move to increase transparency, officials from major political parties have released financial data highlighting their connections with foreign nationals and international transactions.
Foreign Ties and Transactions Revealed
The data, submitted to the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN), shows that many party officials have ties to countries outside of Monaco. Key findings include:
- 15% of clients are foreign nationals
- 20% are non-residents
- Over €100 million in transactions were conducted by party officials, with the majority being electronic payments
Party Official Profiles
The data also provides insight into the profiles of party officials:
- 80% have sufficient knowledge of money laundering and terrorist financing risk exposure
- Only 30% hold a position on the board of directors
Sports Agents and Trust Services Involved
The reports highlight the presence of sports agents among party officials, who have been involved in transactions related to sporting activities. Additionally, trust and company service providers have been identified as providing services to third parties.
SICCFIN’s Response
SICCFIN has praised the efforts of party officials for increasing transparency, stating: “This move demonstrates a commitment to fighting money laundering and terrorist financing.”
Monaco’s Efforts to Increase Transparency
The release of this data comes at a time when Monaco is under pressure to increase its transparency in financial transactions. The country has been working to implement stricter regulations on anti-money laundering and combating the financing of terrorism (AML/CFT) measures.
Ultra-High Net Worth Individuals Involved
Party officials have also identified themselves as ultra-high net worth individuals (UHNWIs), with over 50% having a sum of all accounts and net assets exceeding €50 million. The reports reveal that UHNWI groups, consisting of family-related individuals, have been involved in transactions totaling over €200 million.
Expected Outcomes
The data is expected to be used by SICCFIN to monitor and track financial transactions, ensuring compliance with AML/CFT regulations. Party officials have pledged to continue cooperating with authorities to increase transparency and prevent financial crimes.
Conclusion
The release of this data marks a significant step forward in Monaco’s efforts to combat money laundering and terrorist financing. As party officials continue to work towards increased transparency, it is expected that more information will be made available in the future.