The Council of Europe asks Monaco to better fight against money laundering
In a report, published on January 23, the Council of Europe tells the Principality of Monaco to better fight against money laundering and the financing of terrorism. The response was immediately made by the immediately said “determined to implement”.
In a report concluded after an on-site visit in early 2022, MONEYVAL, the Council of Europe’s anti-money laundering body, calls for “fundamental improvements to enhance the effectiveness of monitoring, investigation and prosecution in money laundering and confiscation of the proceeds of crime”.
MONEYVAL “recognize the considerable work undertaken by Monaco in the identification of risks” related to money laundering. Corn “further details are needed”and certain sectors, in particular that of the casinos. > View the full report.
The number of suspicious transaction reports issued by casinos and jewelers remains limited, although these sectors are of particular importance in the Principality
according to the MONEYVAL report.
Financing of terrorism
On this subject, the report demands”major contingencies concerning the transparency of legal persons, as well as investigations and lawsuits”. He notes “the absence of prosecutions or convictions” in this domain.
The authors of the report argue for “a more in-depth analysis of the threat, particularly in relation to organized crime”. According to them, investigations and prosecutions”doesn’t seem to fit the profile of risk of Monaco, with particular particularities concerning complex cases”.
The report is concerned about “very low number of convictions obtained” and the number “efurther reduced of confiscation measures ordered, none of which relate to property of equivalent value”.
Major improvements are requested and seem necessary to strengthen the Principality’s effectiveness in terms of international cooperation.
The Monegasque government assured on Monday that it wanted “implement them quickly in order to comply with the best international standards in the fight against money laundering and the financing of terrorism”.
Having taken note of the MONEYVAL Report made public today, the Prince’s Government expresses its full support for the recommendations submitted in this document and affirms that Monaco is determined to implement them quickly.
The government of Monaco this January 23.
The National Council (Monegasque legislative assembly) adopted several laws at the end of 2022, notably in areas such as international mutual legal assistance, seizure and confiscation of instrumentalities and proceeds of crime, a highlighted in a press release the Minister of Finance and the Economy, Jean Castellini.
The government also specifies that it was “set up a Monitoring Committee responsible for adopting the recommendations of the report, and it will also be accompanied by renowned and experienced experts throughout the process”.
Following the G20 in London in 2009, the financial center embarked on an effort of fiscal transparency which enabled it to leave the “grey list” of non-cooperative countries drafted by OECD – L’Organization for Economic Cooperation and Development.
MONEYVAL invites Monaco to report on progress made in December 2024.
With AFP