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Laundering Arsenal

FATF: anti-money laundering overlord
The FATF identifies jurisdictions with
weak anti-money laundering and
counter-terrorist financing (AML/
CFT) measures in two different
public documents, published three
times a year. As of October 2023,
the FATF reviewed 129 countries and
jurisdictions and publicly identified
102. Of these, 76 have since made the
necessary reforms to address their
AML/CFT weaknesses and have been
Deregistration of companies decisive for the future of the Principality: removed from the process.
Regarding “effectiveness, that is to say the if Monaco does not make the necessary On the Black List, the FATF mentions
implementation of measures and our efficiency, improvements, the country could be placed on countries presenting a high risk (Iran,
we are making very significant progress,” the FATF's Grey List in mid-2024. Monaco left North Korea and Burma in October
**
believes the Minister of State, citing “the work the Black List of non-cooperative tax havens 2023). It urges all jurisdictions to
that has been carried out within the Ministry drawn up by the Organisation for Economic apply increased diligence and, in the
of Finance by the Business Development Co-operation and Development following the most serious cases, countermeasures
Agency,” in particular to verify the beneficial G20 in London on 2 April 2009 and intends to to protect the international financial
owners of companies and clean up the register avoid at all costs repeating an experience so system.
of commercial and civil companies. In its damaging for the country's image as well as The Grey List identifies countries that
report, Moneyval invited the Principality to for the economy. are actively working with the FATF to
exhaustively identify dormant companies and address their strategic anti-money
make this information visible and accessible laundering deficiencies (notably, as of
to the public, financial institutions, designated * At the time of writing, the AMSF did not yet have a October 2023, Albania, Burkina Faso,
non-financial businesses and professions director or interim director. “We continue to look for Cayman Islands, Panama, South Africa,
and the competent authorities – and with the right person. We were unlucky. We found two very United Arab Emirates). When the FATF
interesting candidates that we were willing to make
this effectiveness, along came sanctions. a deal with; but they did not persist in their desire places a jurisdiction under enhanced
to come here. We are currently working on other
“The power to sanction will evolve with the hypotheses. Marco Piccinini (Minister of Finance and surveillance, it means that the country
creation of the AMSF, which will carry out the Economy) and I recently met with another possible is committed to quickly resolving
candidate,” the Minister of State indicated in December
investigations and sanctions from now on. We during the budget sessions. identified strategic deficiencies within
FATF: Financial Action Task Force, an
have significantly increased the sanctions,” ** intergovernmental body to combat money laundering the agreed time frame and is subject
commented Pierre Dartout in Monaco-Matin. and terrorist financing to enhanced surveillance. © DepositPhotos
So there are many measures that will be

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