Monaco / Luxembourg: signing of a supervisory cooperation agreement


On 23 July, Mr Michel HUNAULT, Director of the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN), and his Luxembourg counterpart, Mr Claude MARX, Director of the Commission de Surveillance du Secteur Financier (CSSF), ratified a cooperation agreement in order to reinforce the effectiveness of the fight against money laundering and terrorist financing.

The signing took place in the presence of Mr Robert Gelli, Secretary of State for Justice and Director of Judicial Services, Mr Louis Danty, Head of the SICCFIN Supervision Unit, Mr Eric Vercesi, Head of the Investigation Unit, and Mr Jean-Marc Gualandi, Head of the Legal, Administrative and International Affairs Unit.

"I am delighted to see that we can further strengthen our ties with an important financial centre such as Luxembourg", said Mr Robert Gelli. "Beyond the exchange of information on specific cases, the important thing is to set up regular contacts to review legislative problems, procedures and operating methods".
Mr. Claude MARX continues: "It is in our interest to work together. Our financial centres are very similar. Our two countries have a strong international outlook. We also have a reputation to defend.
Mr Michel HUNAULT concluded: "The European Union has just decided to create a centre dedicated to the fight against money laundering and terrorist financing. Because there are loopholes and shortcomings and we can see that harmonising legislation is not enough. Cooperation between us is essential.