Thomas Brezzo has been appointed to report back to the National Council on Draft Law No 972, which strengthens the fight against money laundering, the financing of terrorism and corruption.
The purpose of the bill is to adapt Monaco’s law to the provisions of international law to which the Principality is bound to comply, and in particular to the provisions of EU Directive 2015/849 of May 20, 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, known as the Fourth Directive.
During the work that accompanies this bill, the Legislation Commission wishes to ensure that the bill does not go beyond the directive’s requirements, that it’s in full compliance and that all the exceptions provided by the directive are applied, the objective being to take into consideration the specificities of the Principality by leaving a legitimate amount of flexibility to those working in Monaco’s financial sector.