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Monaco-Luxembourg cooperation

Monaco-Luxembourg cooperation

By Cassandra Tanti - December 21, 2020

Cryptocurrencies and blockchain were among the topics discussed between Monegasque financial representatives and those in Luxembourg last week, ahead of a MOU signing in the coming months.

Led by Robert Gelli, Secretary of State for Justice – Director of Judicial Services, and Michel Hunault, Director of the Information and Control of Financial Circuits Service (SICCFIN), a Monegasque delegation visited the Grand Duchy of Luxembourg on 16th December to participate in working meetings with their counterparts from the Ministry of Justice, the Financial Intelligence Unit (CRF) and the Commission de Surveillance du Secteur Financier (CSSF), with the participation of Isabelle Berro-Amadeï, Monaco’s Ambassador in Luxembourg.

During the trip they were greeted by Sam Tanson, Minister of Justice and Culture, Claude Marx, Director of the CSSF, Max Braun, Director of the FIU and Martine Solovieff, State Attorney General. Discussions focused on issues that concern Luxembourg and Monegasque financial centres: the challenges of supervision, investigations and analyses of financial flows, and cooperation between the two countries in the light of developments in international financial crime.

The tracking of cryptocurrencies, blockchain and trading platforms were also the subject of discussions.

The members of the two delegations referred to the evaluations of their anti-money laundering and terrorist financing policies by the Financial Action Task Force (FATF) and by the MONEYVAL committee of the Council of Europe which will take place in 2021.

“The discussions were very concrete and the exchange of experiences and organisation should lead, in the coming months, to the signing in the Principality of a memorandum of understanding for cooperation in matters of supervision between the SICCFIN and the CSSFs” said the government in a statement on Monday.

The Luxembourg FIU and the CSSF will participate in the Forum of the Circle of Francophone FIUs which will take place in Monaco in November 2021, which will be chaired by Director of SICCFIN Michel Hunault.


Photo: Robert Gelli and Michel Hunault with the Attorney General of State and Ms. Berro-Amadeï, surrounded by members of the two delegations. © DR



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