The National Council has expressed concern over what it says is the government’s delay in delivering legal texts designed to meet Moneyval requirements.
According to the National Council, only one text out of the four expected has reached its office.
Meanwhile, it says, the legislative timetables mentioned in the legislative monitoring committee involving members of the Government and the National Council, and also the financial crime task force, indicated the end of the spring session as the objective for voting on these texts.
“The National Council regrets that a situation similar to that experienced by the National Councilors in November 2022 is repeated, despite repeated requests from the High Assembly,” said the Council in a public statement on 16th May. “The National Council intends to have the time necessary for a responsible study of these texts, announced as voluminous and very technical, especially since, for most of them, they could have significant consequences on certain aspects of the functioning of the Monegasque economy and global associations.”
A report released by Moneyval, the Council of Europe’s anti-money-laundering body, on 23rd January encouraged Monaco to “further strengthen measures to combat money laundering (ML) and financing of terrorism (FT), in particular when it comes to investigating and prosecuting money laundering, confiscating and recovering proceeds of crime as well as strengthening its supervisory system”.
It placed the Principality in the category of “country under enhanced surveillance”.
The Prince’s Government immediately responded with a commitment to meet the necessary targets.
But the National Council says the government is lagging on its commitment.
“At this stage, the Government has not, in this regard, kept to the deadlines announced, and has therefore not respected its commitments. Under no circumstances, therefore, can the National Council be held responsible for future delays in voting on these texts, since these bills have to date still not been tabled with the Bureau of the Assembly.”
Monaco to “step up” financial crime action after Moneyval report
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