Page 20 - Monaco Economy 129

ZOOM

5 - Shady countries and geographic areas combatting of the financing of terrorism (AML/ or territories or other evaluation reports from
The analysis of the risks associated with CFT) system presents strategic deficiencies regional FATF-type bodies, such as Moneyval.
countries and geographical areas requires which pose a significant threat to the proper In yachting/chartering, “Vessels are frequently
taking into account the countries or territories functioning of the financial system; countries owned by companies registered in tax havens.
of residence of clients, as well as their whose legislation is recognised as insufficient These states or countries have relatively low
nationality and the origin or destination of or whose practices are considered to be an standards of financial transparency and weak
the funds. “At a minimum, the professional obstacle to AML/CFT.” Professionals can also regulations in terms of taxation or labour
must consider as high-risk countries or refer to the Financial Action Task Force (FAFT) standards,” illustrates the AMSF.
territories those whose anti-money laundering/ list of high-risk and non-cooperative countries

When professionals play sleuth “Indeed, beyond the identity documents origin of their assets or their identity – these
The AMSF is categorical: there is no collected, the professional has the obligation are all suspicious transactions, according to
question of settling for vague information. to know the client, the nature of the products the AMSF. For the Monégasque anti-money
The professional concerned must collect or services used by this client and the reason laundering police, questions must be asked
precise information on the client’s activity. why this client chose this product or service.” when an operation is complex (a financial
For example, “For the origin of a client’s arrangement intended to obscure the origin
assets, in the case of holding real estate, Unusual transactions alert of funds involving, for example, several legal
the professional must not simply indicate Professionals must be particularly vigilant entities or trusts with a complex chain of
that the client owns property; it is expected regarding so-called atypical transactions: a custody, across several countries); when
that he or she details the locations, types property sale at an extremely undervalued operated in an unusual pattern; or when
and uses of the property held,”; but also the price compared to the market value; a it has no apparent economic or lawful
origin of the client’s assets (for example: large cash deposit followed by frequent purpose. “This may be the case in particular
inheritance, professional activity, movable withdrawals by a client whose nature of when there appears to be no advantage
investments etc) and the funds involved in activity would not require such movements; to the client following the transaction, or
the relationship or operation (for example, the refusal of a client to present certain when the operation has no connection with
a personal account in the client’s name in supporting documents relating to the origin the corporate purpose of the legal entity
a certain country, a real estate sale etc). of the funds involved in a transaction, the concerned,” observes the AMSF.

LES DIFFÉRENTS NIVEAUX DE MESURES DE VIGILANCE
THE DIFFERENT LEVELS OF VIGILANCE MEASURES

Vigilance simplifiée Vigilance renforcée Vigilance standard
Simplified vigilance Reinforced vigilance Standard vigilance

L’évaluation des risques à l’échelle
du client conduit à un risque élevé
Client-wide risk assessment leads
L’évaluation des risques à l’échelle to high risk
du client conduit à un risque faible
OU / OR
Client-wide risk assessment leads
to low risk L’entrée en relation est réalisée à distance
The entry into contact is
carried out remotely
Autres cas
OU / OR OU / OR
Other cases
Le client est une
Personne Politiquement Exposée
Le client est une personne ou un The customer is
organisme visé au chiffre 2 de l’Art. 21 de a Politically Exposed Person
l’Ordonnance Souveraine 2.318 modifiée
OU / OR
The customer is a person or organization
referred to in paragraph 2 of Art. 21 La relation ou la transaction implique
of Sovereign Ordinance 2.318 amended des États ou Territoires à Haut Risque
The relationship or transaction involves
High Risk States or Territories

20