Summary:
Moneyval, the expert committee of the Council of Europe for the assessment of anti-money laundering measures, has published a positive follow-up report on Monaco’s progress in compliance with the rules of the FATF.
Full Story:
The Principality of Monaco has received positive feedback from Moneyval, the Council of Europe’s expert committee for evaluating anti-money laundering and counter-terrorism financing measures. Moneyval has released its first positive follow-up report, highlighting “significant progress in the level of compliance” in Monaco. This assessment led to a favorable reevaluation of the 15 Recommendations (FATF rules) applied by Monaco, with a total of 39 out of 40 recommendations now being deemed positive.
These achievements are the result of a concerted effort led by the Prince and the Monaco government, with the involvement of the National Council, various Monegasque departments, authorities, and the private sector in combating money laundering and terrorism financing. Over sixteen months, four laws with 481 articles were enacted, leading to amendments in 11 laws, a Sovereign Order, and three Codes, along with the drafting of numerous implementing texts. These legislative measures were accompanied by the development and implementation of a comprehensive national strategy, enhanced cooperation at national and international levels, the establishment of new institutions (Coordination Committee, A.M.S.F., Seized or Confiscated Assets Management Service, etc.), and an increase in the number of investigations into money laundering cases in line with Monaco’s risk profile and improved financial transparency.
Pierre-André Chiappori, Minister of Finance and the Economy, commented, “Today we send a very positive signal to the international community. But we remain fully committed to ensuring our removal from the FATF gray list within the expected timeframe.” The removal from the gray list is anticipated to occur by mid-2026.
Source:
montecarloin
