Authorities in Monaco have stepped up their campaign against financial crime with a major information session aimed at boosting private sector compliance with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards.
Held on 26th June, the session brought together more than 500 industry professionals at the Grimaldi Forum. Organised by the Permanent Secretariat of the AML/CFT Coordination Committee, the event included presentations from the Monegasque Financial Security Authority (AMSF) and the Public Security Department.
The briefing focused on Monaco’s national coordination efforts in light of the Principality’s placement on the Financial Action Task Force (FATF) grey list in June 2024. Officials provided updates on discussions with FATF and MONEYVAL, the Council of Europe’s monitoring body, and reiterated Monaco’s commitment to meeting the highest international standards.
Focus on compliance tools and reporting
The AMSF presented its latest priorities and practical guides, including a newly released sector risk analysis linked to cross-border tax fraud. Authorities also reviewed the GoAML reporting system, urging obligated entities to register and improve the accuracy and timeliness of suspicious activity reports.
Law enforcement outlines laundering typologies
Monaco’s Public Security Department detailed various laundering techniques encountered by law enforcement, underlining the evolving risks and the importance of vigilance. These real-world examples aimed to enhance detection and reporting by the private sector.
Public-private cooperation a cornerstone
Officials described the event as a vital step in reinforcing cooperation between regulators, law enforcement, and the private sector. They highlighted the need for continued dialogue to ensure Monaco’s financial framework complies with international norms and exits the grey list promptly.
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Photo credit: Manuel Vitali, Government Communications Department