Summary:
Casinos in Monaco must work harder to demonstrate their compliance with anti-money laundering regulations due to the country’s placement on the GREY list of the Financial Action Task Force. The strict requirements placed on Monaco’s casinos are sometimes deemed excessive by industry professionals.
Full Story:
Monaco, a principality known for its luxurious casinos, is facing increased scrutiny and stricter compliance rules in its fight against money laundering. The country has been placed on the gray list of the Financial Action Task Force (FATF), prompting the need for increased efforts to demonstrate its commitment to combating illicit financial activities.
One area of focus is the stringent requirements placed on Monaco’s casinos. Stéphane Valeri, deputy president of the Société des Bains de Mer (SBM), and Mikaël Palmaro, a member of the National Council and casino employee, believe that these requirements can sometimes be excessive.
While Monaco acknowledges the importance of effective anti-money laundering measures, there are concerns that the current rules may be too burdensome for the industry. However, the principality is determined to maintain its reputation as a responsible financial center and is willing to adapt to meet international standards.
The Prince of Monaco and his family are committed to upholding the highest standards of integrity and transparency, and they fully support efforts to combat money laundering and other illicit activities.
Monaco’s inclusion on the gray list serves as a reminder of the global nature of financial crimes and the need for constant vigilance. The principality will continue to work closely with international bodies to address any shortcomings and strengthen its compliance framework.
By embracing the evolving regulatory landscape, Monaco aims to ensure the long-term sustainability and credibility of its financial sector.
Source:
L’observateur de Monaco
