Legal Environment
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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.
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In line with the European trend, the Principality of Monaco has established administrative authorities whose role is to assess breaches of certain financial laws committed by professionals and, when applicable, to propose or impose administrative sanctions. Those authorities include (i) the Audit Report Review Commission (“CERC”), created by Act N°1.462 of June 28, 2018 (for AML/CFT matters) and (ii) the Financial Activities Supervisory Commission (“CCAF”), created by Act N°1.338 of September 7, 2007 (for financial matters) but recently subject to reforms.
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In the world of data, data processing has become the ultimate sensitive subject, particularly when it comes to personal data. Agnès LEPAULMIER, Secretary-General of the CCIN, offers an update on how the Authority’s work is changing.
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On the effort to prevent money laundering, SICCFIN (Service d’Information et de Contrôle sur les Circuits Financiers) has been very busy with the MONEYVAL National Risk Assessment and the fallout from the conflict between Russia and Ukraine. We talk to Michel HUNAULT, the Director-General of the Principality’s anti-money laundering authority.
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Law 1.515 of 23rd December 2021, resulting from Bill 1.035 and amending law 1.338 of 7th September 2007 on financial activities in the Principality, came into force on 7th January 2022.
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The last months have been marked by a new law modifying and dusting off the law 1338 on financial activities voted in 2007. Magali VERCESI, Secretary General of the CCAF, details its effects.
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Jérémy GENIN, Chief Investment Officer of Monaco Asset Management, discussed the monetisation of Metaverse at the META ENTERTAINMENT WORLD Summit in Monaco. The associations NFT, Blockchains, Cryptos and Meta World, not always relevant, blur the lines.
