After a January 2023 Moneyval report citing “needs improvement” landed on desks in Monaco, the Principality has been making big strides to heighten standards in the fights against money laundering and related crimes.  

It is called Bill No.1.077 and is Monaco’s 130-point draft bill to ensure that the Principality is internationally accepted as adhering to the best standards in the fight against money-laundering, terrorism financing and funding of illegal weapons.  

On 29th June, the National Council voted unanimously in favour of the bill, which represents the first part of several other forms of legislation that will help to make the Monegasque system as watertight as possible against these types of crimes.  

Established and reviewed in a rather short timeframe, the bill is a response to the Moneyval Committee’s January 2023 recommendations and shows the continued commitment the Principality has on this issue.  

One of the most significant provisions on Bill No. 1.077 is the creation of an independent administrative authority to be called the Monegasque Financial Security Authority. This will replace the current entity, Financial Circuits Information and Control Service (SICCFIN), which has been on the case thus far.  

This new organisation will be “endowed with appropriate resources and means, [and] will have three branches: financial intelligence, investigations, and the imposition of sanctions”.  

WHAT’S NEXT? 

More bills will be coming up for a vote in the National Council in the not-too-distant future, including Bill No. 1.078. This is a refined extension of the current measures to stop any financing of terrorists and illegal weapons within Monaco’s borders.  

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Photo credit: Monaco Communications Department / Michael Alesi