Monaco’s government is ramping up its response to meet international anti-money laundering and terrorism financing standards after the Financial Action Task Force (FATF) placed the Principality on its ‘grey list’ for increased monitoring earlier this year.
On 30th October, Monaco’s Coordination and Monitoring Committee on National Strategy for Combating Money Laundering, Terrorism Financing, Weapons Proliferation, and Corruption held a plenary meeting under the direction of Minister of State Didier Guillaume, bringing together top officials, members of the National Council, and private sector representatives.
During the session, Minister Guillaume praised the “commitment of all stakeholders” in an area that is “complex, technical, and continuously evolving,” according to a statement by the government.
In an effort to remove itself from the ‘grey list’, the government said it needs a “collective response” to the FATF’s findings, acknowledging that “regular exchanges with the private sector are essential”. The various stakeholders, therefore, are now strongly encouraged to contact the relevant authorities “in order to bring their attention to concrete situations that may be encountered”.
In other words, the government is looking to the private sector to highlight red flags in Monaco.
“The contribution of the Principality’s vital forces is essential alongside the authorities with the same objective: to get off the FATF ‘grey list’,” said the government in its statement.
The government says it also plans to regularly update its practices and texts to stay aligned with broader European and global regulatory developments, particularly as the FATF frequently updates its standards.
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Main photo of Minister of State Didier Guillaume source: Government Communication Department