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Monaco Boosts Anti-Money

Since the release of the Moneyval report placing the Principality under reinforced monitoring,
Monégasque authorities have rallied themselves “into battle order, in warrior mode” to strengthen
Monaco's preventive and repressive arsenal in the fight against money laundering. The aim is to
avoid a “catastrophic” registration on the FATF Grey List in May 2024.
By Milena Radoman

In 2023, Prince Albert's message was clear: “I economic stability because, if I may remind financing of terrorism and the proliferation
have personally demanded that everything be you, we are a non-indebted state. This is why of weapons of mass destruction. “This plan is
done to respect Moneyval's recommendations I want to clear things up.” made up of numerous concrete and operational
and the timetable we have set. Monaco is firmly This is also why, as soon as this very detailed measures to significantly strengthen existing
committed to meeting the best international (and technocratic) report of more than 300 actions dealing with threats in terms of
standards in this field.” Because, as the Head of pages from Moneyval was published, the financial crime” but also “to improve the system
State declared to Yves Thréard in the columns government promised, through Minister of for freezing funds and economic resources,”
of Le Figaro, since the publication of the State, Pierre Dartout "to be in compliance with indicated the government.
report by the Council of Europe's anti-money the most demanding international standards at In one year, numerous, urgently-approved texts
laundering body at the end of January 2023, the end of the 12-month monitoring period.” The have strengthened Monaco's preventive and
there is no more room for error. “We are putting executive – cabinet and finance department repressive arsenal, regularly adapted since the
ourselves in battle order, in warrior mode, reshuffled six months ago – and the National first law of 1993. Investigations, prosecutions,
in order to meet the criteria required by the Council, the co-legislator, have since been international cooperation, obligations of care by
reinforced procedure imposed by Moneyval, racing against time to tick all the boxes like professionals in the private sector (including non-
to compose more precise texts and to obtain a good student in the fight against money profit associations), transparency of legal entities
a better score. It would be catastrophic to laundering and the financing of terrorism. and exploitation of intelligence, with the creation
remain here for the image of the Principality, of the AMSF (Monégasque Financial Security
particularly for investors who have made a Monitoring Committee created Authority). This independent administrative
good comeback after the health crisis - and A Monitoring Committee is responsible for authority, which takes over from SICCFIN as
not only in real estate but also in the creation adopting the recommendations of the report. In the Principality's anti-money laundering police,
of businesses,” added the Prince. The stakes March 2023 this entity, chaired by the Minister has seen its staff double in one year and there is
are high: “We have a major asset: stability. of State, met to finalise a National Action Plan now talk of hiring some 30 additional experts in
Political and institutional stability but also in the fight against money laundering, the all areas (finance, IT, cybercrime, lawyers etc) . *

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