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ECONOMY

one out of two extradition requests addressed crime) with a more detailed examination 4. What will happen between now and March
to Monaco are rejected. of available data in its next national risk ?
assessment. A more in-depth and granular The adoption of new measures has already CENTRE D’AFFAIRES MONACO
. What are the recommendations? analysis, distinguishing between internal started. “Following the recommendations of
Monaco will have to remedy the “notable lack and external threats, should be carried out,” Moneyval’s evaluators, the National Council
of human and technological resources in the Moneyval suggests. Therefore, although (the Monaco Legislative Assembly) had adopted
Service d’information et de contrôle sur les they welcome the “effective” measures put several pieces of legislation by the end of 2022,
circuits financiers (SICCFIN)”, as well as in in place for commercial companies (such notably in such important areas as international
the Business Development Agency and in the as the company authorisation regime), the mutual legal assistance, seizure and confiscation

justice system, plus the limited investigative experts note that “civil companies (which of instruments and proceeds of crime”, stressed
powers of the public prosecutor... This implies account for 79% of companies registered the Minister of Finance Jean Castellini. The
mass recruitment in 2023 and the ability to use in Monaco), particularly those with a real- next few months will allow us to strengthen our
modern risk analysis tools, such as the STRIX, estate focus, are the most at risk of BC/FT, measures and we will be ready for the March
in an efficient manner. followed by limited liability companies in the 2024 deadline”.

Another recommendation of the report: “In yachting sector, those with a financial or real The Government has set up a Monitoring
July 2021, the Principality had nearly 20,000 estate focus, and then Monegasque limited Committee to adopt the recommendations of
companies, which, in relation to the number companies. However, “despite the registration the report*, chaired by the Minister of State.
of inhabitants, is approximately one company obligations that expired in 2020, only 31% On 23 March 2023, the Committee met to
for every two inhabitants. The Principality of of civil companies (and 78% of commercial finalise a National Action Plan to combat À MONA CO ,
Monaco should analyse in depth the risk of companies) declared their beneficial owner(s) money laundering, terrorist financing and the

using its financial sector to launder the proceeds to the dedicated register”, as the offenders are proliferation of weapons of mass destruction. UN CENTRE D’AFF AIRES, DEUX SA V OIR-F AIRE :

of income tax fraud and other types of tax not sanctioned. “This Plan comprises many tangible and

offences committed abroad not punishable operational measures to significantly strengthen ENTREPRISES & IMMOBILIER.
under Monegasque law” in particular “by . How did the Government react? existing actions to address threats in the area
considering that the absence of criminality The Monaco Government immediately expressed of financial crimé. Constructive talks have In Monaco, a business center, two types of expertise: corporate & real estate.
may be an intrinsic vulnerability”. An astonishing “its full support for the recommendations also taken place with a view to improving the
political assessment which calls into question made”, noting “that this report recognises the mechanism for freezing funds and economic
Monaco’s right not to subject its nationals and significant progress and efforts made by the resources,” the Government said. A decisive
residents to income tax, even though Monaco Monegasque authorities”. “The Principality is action plan: if Monaco had not made the
automatically exchanges tax information with determined to continue implementing Moneyval’s necessary improvements, it could be placed on
foreign administrations... recommendations in order to comply with the most the FATF’s “grey list” in mid-2024. Monaco was
“The Principality of Monaco should (also) demanding international standards at the end of the removed from the blacklist of uncooperative

refine its analysis of risks related to certain twelve-month monitoring period. We will therefore tax havens drawn up by the Organisation for
sectors and activities (casinos, CSPs, trusts continue and amplify our action”, commented the Economic Co-operation and Development (OECD)
and virtual assets) and threats (organised Minister of State Pierre Dartout on the same day. following the London G20 on 2 April 2009.

*The National Council was concerned that it was only represented on this committee “as part of the second panel, with the same status as participating Monegasque professional bodies”.

CORRUPTION DES PARLEMENTAIRES ET DES JUGES À CO P IO OF PO I ICI S D DG S I MO CO:
MONACO : LE GRECO SATISFAIT G CO IS S ISFI D Centre d’Affaires de Monaco : Villa l’Union, 27 boulevard des Moulins
Le GRECO (Groupe d’États contre la Corruption du Conseil de At the end of March, GRECO (the Council of Europe’s Group of Tél. : +377 93 10 10 40 *

l’Europe) a adopté fin mars le deuxième rapport de conformité States against Corruption) adopted the second compliance report
pour Monaco, clôturant ainsi le 4 cycle d’évaluation relatif à la th Espace Libre-Service Pro : 22, boulevard Princesse Charlotte
e
prévention de la corruption des parlementaires, des juges et for Monaco, closing the 4 evaluation round on the prevention of 7j/7, dépôts d’espèces, distributeur de rouleaux de monnaies,
des procureurs. Sa conclusion : Monaco « a mis en œuvre de corruption of politicians, judges and prosecutors. Its conclusion dépôts de chèques
façon satisfaisante ou traité de manière satisfaisante douze states that Monaco “has satisfactorily implemented or addressed 7 days a week, cash deposits, coin roll distributor, cheque deposits
des seize recommandations contenues dans le Rapport d’Éva- twelve of the sixteen recommendations contained in the Evaluation
luation », quatre recommandations restant partiellement mises Report”, with four recommendations remaining partially imple- cecaz-monaco.com **
en œuvre. L’adoption de « mesures d’intégrité » par le Conseil mented. The adoption of “integrity measures” by the National Council
National (Charte de déontologie des Conseillers Nationaux) et (Deontology Charter) and Monegasque judges (a Compendium of
les magistrats monégasques (un Recueil de principes éthiques
et déontologiques), « de même que la nouvelle loi portant statut Ethical and Deontological Principles), “as well as the new law on
de la magistrature qui renforce le positionnement du Haut Conseil the status of judges and prosecutors which reinforces the position
de la Magistrature comme garant de l’indépendance judiciaire » of the High Council of Judges and Prosecutors as the guarantor of
a visiblement convaincu les experts. judicial independence” clearly convinced the experts.
*Coût d’un appel selon votre fournisseur de téléphonie. **Coût de connexion selon votre fournisseur d’accès Internet. *Cost of a call depends on your telephone company. **Connection cost depends on your Internet supplier.
Caisse d’Epargne et de Prévoyance Côte d’Azur, société anonyme coopérative à directoire et conseil d’orientation et de surveillance, régie par les articles L.512-85 et suivants du Code monétaire et financier – Capital social 515.033.520 euros – 455
promenade des Anglais, 06200 Nice – 384 402 871 RCS NICE. Identifiant unique REP Papiers n° FR232581_03FWUB (BPCE – SIRET 493 455 042). Crédit photos : iStock.
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