As part of its deepening efforts to tackle money laundering and the financing of terrorism within its borders, Monaco has embarked on a year-long webinar programme for willing businesses and financial institutions in the Principality.
Following the analysis and subsequent publishing of a report by Moneyval into Monaco’s handle on money laundering and the financing of terrorism (AML/CFT-P), the Monegasque government has launched a national information campaign in the form of webinars – delivered for the most part in English – to improve the understanding of the related issues and its expectations amongst relevant stakeholders in the Principality.
Every Tuesday from 10am to 11am, a webinar will be held on a range of subjects connected to its AML/CFT-P efforts. These will be hosted by a number of Monegasque authorities and complemented by input from international experts. The target audience of the webinars are alternatively financial institutions (FIs) such as banks, management companies, insurance brokers and money handlers, and non-financial businesses and professions (DNFBPs).
“We stress the importance of a very active participation of reporting entities in these seminars,” says a representative for the SICCFIN, Monaco’s Service d’Information et de Contrôle sur les Circuits Financiers. “A certificate will be issued to reporting entities that will have participated in all 23 sessions scheduled between February and December 2023.”
Although the campaign has already begun, with the first being held on 7th February, the links to each webinar and the information they contain can be accessed retrospectively via the SICCFIN website. The programme, which can be found here, will continue until the end of 2023.
In other Moneyval-related news, the newly created financial crime task force set-up by the government in the wake of Moneyval’s assessment is set to hold its first meeting on 16th February. Monaco Life understands that the outcome of the meeting will be the adoption of a national strategy against money laundering and financing of terrorism as well as a concrete action plan to tackle the necessary changes Monaco must make if it is to fully align itself with the high standards set by Moneyval.
Monaco to “step up” financial crime action after Moneyval report
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