Legal Environment
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From July 3 to 7, Monaco's Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN), the Principality's Financial Intelligence Unit (FIUs), took part in the 29th plenary meeting of the EGMONT Group, held in Abu Dhabi, United Arab Emirates.
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Bill 1.077 adapting legislative provisions to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction - Part I was passed unanimously on June 29, 2023. This important and voluminous text contains almost 130 provisions. Drawn up and examined in a very short space of time, its purpose is to respond to the recommendations of the Moneyval Committee and to confirm Monaco's unwavering commitment to the highest international standards in the fight against money laundering.
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Meeting on May 11, 2023 of the two Colleges of the Coordination and Monitoring Committee of the national strategy to fight against money laundering the financing of terrorism and the proliferation of weapons of mass destruction of mass destruction and corruption.
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The Financial Action Task Force on Money Laundering (FATF), an international body that is to develop and promote strategies to fight money laundering, terrorist financing and and the proliferation of weapons of mass destruction organized, on May 4th and 5th in Monaco, a training session for the Monegasque Authorities.
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Jean CASTELLINI, Government Counsellor and Minister of Finance and Economy, took part in a high-level in Warsaw on April 25, 2023, to a high-level meeting organized by the Polish Ministry of Finance the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures to combat money laundering and terrorist financing (MONEYVAL).
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In the framework of its 93rd plenary meeting (Strasbourg 20-24 March 2023), during its session of 22 March 2023, GRECO (Group of States against Corruption of the Council of Europe) adopted the second compliance report for Monaco in the framework of the 4th round relating to the prevention of corruption of members of parliament, judges and prosecutors, in the presence of a delegation from Monaco.
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After reviewing the full contents of the MONEYVAL Report published earlier today (Monday 23 January 2023), the Princely Government fully endorses the recommendations put forward in this document. Furthermore, the State of Monaco is determined to rapidly implement these recommendations to align itself with the best international practices in relation to the fight against money laundering and the financing of terrorism. The Government also highlights that the Report congratulates the Monegasque authorities on progress already made and work undergone to deliver significant improvements on such issues.
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The term “financial education” is beginning to be used regularly in the Principality of Monaco by industry professionals and teachers to support regulators, whether with a view to ensuring the protection of savings or to enable the introduction of governance and compliance rules within institutions.
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Following the Russian invasion of Ukraine, the Principality is, in accordance with its international commitments, applying the European Union sanctions which freeze the assets of individuals and organisations with links to the Kremlin. These complex sanctions impact both the individuals targeted and those with whom they have links.
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The role of the CERC. The CERC is an advisory body commissioned by the Minister of State. It is made up of nine members (two government advisors, appointed as Chair and Vice-Chair of the CERC, two judges from the Court of First Instance and five individuals appointed by the Minister of State on account of their area of expertise). Its role is to review the audit reports produced by SICCFIN which highlight serious, repeated or systematic breaches attributable to an individual or organisation subject to such audits in violation of their due diligence obligations with regard to money laundering, terrorist financing and corruption. Following the proceedings, the CERC produces a report expressing an opinion on the alleged breaches and, where necessary, sends the Minister recommendations regarding sanctions, which can range from a warning to more severe penalties (a ban on conducting certain operations, a temporary suspension of functions, a temporary revocation of the right to operate and work permit, substantial monetary penalties, etc.).
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Laure CANAS DA SILVA, Head of Regulatory at Edmond de Rothschild Monaco, is also President of the recently created Monegasque Association for Sustainable Finance (AMFiD). A role of influence.
