This Moneyval audit doesn’t it show a lack of anticipation?
No. Human resources are a very good example, especially for SICCFIN. Over the past four years, they have already been significantly increased, by around 50%. What is being asked of us today is to make an even greater effort in an even shorter period of time. We have anticipated the fact that in the coming weeks, even if it is not easy to find profiles or people to train, we will have to significantly increase SICCFIN’s workforce. We will have no hesitation in accepting our ability to anticipate.
Including the tools?
Yes, since, here again, there is the “STRIX” tool, which was implemented in January 2023 after two years of work. It allows a risk-based approach adapted to monitoring in the fight against money laundering and the financing of terrorism.
Does that change things?
It was in the process of being set up and the evaluators were not able to retain it as positively as we would have liked, because they show the effectiveness of the system. In the same way, a register of staff has been set up in the very last weeks. A register of trusts will be set up in 2023. Economic was improved and coordination between departments was better.
“It is clear that the national preference will be respected”
You mention a 50% increase in staff at SICCFIN, but the basic base was not very large. Should we recruit massively?
Yes, we need to recruit a lot more. Many of the points raised in the report can be resolved by improving processes, procedures, by having more statistics available, but more people are needed and they need to work better together, have better tools.
How many recruitments are we talking about? National preference will be respected?
The needs number in the tens of people. It is clear that the national preference will be respected. It will probably be necessary to have staff supplemented by people who work in financial or legal establishments and who, today, are not necessarily in Monaco but in the neighboring municipalities and the department, and who want this very motivating exercise. “The Monegasque team”. It’s a bit like a commando setting up, there now, under conditions that are clear. With well-known executives where we will greatly need to be accompanied by all the people who want to put themselves at the service of the Principality, to help Monaco meet this challenge, particularly in professions such as law, compliance, finance .
With more pregnant needs depending on the services?
These are needs that are fairly broadly shared between SICCFIN, the Department of Economic Expansion, but also in terms of investigating financial skills at Public Security and the Department of Judicial Services. Cross-functionally, the legislative work with the National Council requires that the staff of the Legal Affairs Department be expanded.
“We need resources to whom we can delegate part of the work, civil servants who can be hired”
Exponential needs…
Of course. I use the formula of a finance professor friend: “When the water rises, the boat rises”. It’s a bit like that at the level of international standards which are constantly more demanding, more restrictive. We must therefore constantly adapt and evaluate. We need resources to whom we can delegate part of the work, public servants who can be hired.
What will be the impact of these recruitments on public finances?
It’s a major effort, but if we are to maintain our attractiveness, we have to meet these long-term expenses. Everything that makes up a modern state today in terms of investigations, convictions, statistics, requires this kind of investment. The game is well worth the candle if we want to preserve our attractiveness. Moneyval recommendations are a way to get there faster.
Permanent jobs are necessary but experts are also assigned from time to time by the Monitoring Committee…
Yes, these are people who accompany us in the exercise of defining priorities. They have already worked with other countries.
“Having the most important boxes ticked from the first months of 2023”
Technicians…
Yes, who is working for the Principality of Monaco for a period of time. To know which cases checked, how and in what time frame. These are external eyes that help us in the fluidity of the implementation of the recommendations, because they have already carried out such services on behalf of other States.
From now on, it is necessary to work according to the principle of granularity…
Yes. Cover as much ground as possible but above all, in some cases, have a microscope for an important subject to be treated with all the speed and the degree of detail that it requires. Prioritizing is the exercise we are committed to today: having the most important cases checked off from the first months of 2023.