Legal Environment
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- Category: Legal Environment
After twenty-five years under the presidency of Étienne Franzi, Robert Laure has been elected to head the AMAF, the Monaco Association of Financial Activities. The transition took place in the midst of the "Moneyval" crisis. While the Principality's potential placement on the FATF's grey list is of concern to the whole of Monaco, in this interview this professional recalls the efforts made by the Principality over the last 18 months to achieve compliance. He also believes that developing a financial business in a potentially "stigmatised " country is not "an easy thing", but neither is it synonymous with "apocalypse".
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- Category: Legal Environment
Mrs Isabelle Berro-Amadeï, Government Counsellor and Minister for External Relations and Cooperation, took part in the 133rd Ministerial Session of the Council of Europe, which was held in Strasbourg on 16 and 17 May 2024.
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- Category: Legal Environment
On 6th and 7th May 2024, the Principality of Monaco took part in the 11th Meeting of the Competent Authorities of the Organisation for Economic Co-operation and Development's Global Forum on Transparency and Exchange of Information for Tax Purposes in Bridgetown (Barbados), which was attended by over 200 delegates from all over the world.
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Last September, AMCO organised a web conference on the Financing of Terrorism, the particular risks incurred in Monaco, and the role of Compliance Officers in the fight against Money Laundering and the Financing of Terrorism (AML/CFT). The conference was moderated by Nathalie Schinzig, Financial Crime Compliance specialist, AMCO’s TCSP/MFO Committee Leader and Head of Compliance at Landmark Management S.A.M., the event was held on their premises.
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- Category: Legal Environment
Laws No 1.449 and 1.550 of 14 July 2023 and 10 August 2023 respectively on anti-money laundering, applicable to companies as well as foundations and associations, gave rise to new duties, the scope of which will be laid down in sovereign ordinances to be adopted.
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- Category: Legal Environment
Act No. 1,549, which came into force on 6 July 2023, amends Act No. 1,362 of 3 August 2009, the legislative cornerstone of the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction in Monaco (“AML-CFT”).
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Six years after the implementation of Automatic Exchange of Information (AEoI) in Monaco, the processes related to this regulation now appear to be well mastered, both on the side of authorities and Monegasque financial institutions. The latest peer review conducted on Monaco reveals that not only is the legal framework "in place," but the effectiveness of practical implementation is also "on track". The results of this evaluation confirms Monaco's deep commitment to tax transparency and reflect significant efforts made in this field since 2009 with the signing of the first bilateral exchange of information agreements.
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On Tuesday January 23, 2024, the Association Monégasque des Compliance Officers (AMCO) dedicated a morning to the Fight against Money Laundering, Terrorist Financing and Corruption (LCB/FT-P-C) at the Novotel Monte-Carlo, followed by its Annual General Meeting.
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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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- Category: Legal Environment
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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- Category: Legal Environment
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.
