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Following on from the training course on reporting suspicious transactions offered to economic players in the Principality, the Monegasque Financial Security Authority (AMSF) is now publishing a series of thematic and sector-specific practical guides. The aim of these guides is to provide operational and practical support to all those subject to the amended law n°1.362. More specifically, these guides are designed to - Help those subject to the law to understand their obligations with regard to the fight against money laundering, the financing of terrorism, the proliferation of weapons of mass destruction and corruption (LCB/FT-P-C). - To apply appropriate measures by addressing the provisions and practices specific to each profession. They have been revised and drawn up to simplify the complexity of the subjects and answer the operational questions of professionals. To this end, they include use cases to illustrate their obligations. The AMSF is organizing a presentation of the new "Real Estate Agents" practical guide on Monday, December 11 at 11am, for those concerned. The event will take place at the Lycée Rainier III auditorium.
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Chaired by the Minister of State, the first college of the Coordination and Monitoring Committee of the national strategy to combat money laundering, the financing of terrorism, the proliferation of weapons of mass destruction and corruption met again on Thursday June 15, 2023. The agenda included an update on the implementation of the national action plan for each strategic objective, the adoption of specific action plans for authorities and departments, and the finalization and adoption of the updated risk assessment report for non-profit organizations (NPOs). In accordance with its missions, this Committee plays a central role in the coordination and monitoring mechanism for all matters relating to the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, which is a priority for the Principality.
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Following on from the first edition held in 2022, the government and the Association Monégasque des Activités Financières are organizing a conference-breakfast "WealthTech: the new force of digital at the service of Banking", on June 28, 2023 from 8:30am to 10am at ONE Monte-Carlo (Salon Jean Cocteau).
This Digital Workshop is reserved for Monegasque financial center professionals.
To find out more:
https://eme.gouv.mc/evenement/nouvelle-force-du-digital-au-service-de-la-banque/
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On 27 and 28 February in Rome, the FATF and the Guardia di Finanza organised, with the support of the the first international forum on the identification and recovery of criminal assets.
This international conference brought together more than 300 experts from government agencies and departments from over 100 countries, whose commitment to the fight against transnational financial crime was praised by the Gafi Chair in the fight against transnational organised financial crime.
A Monegasque delegation, made up of representatives from Siccfin, the Directorate of Judicial Services and the Directorate of Criminal Investigation, was present and the Directorate of Public Security, participated in this forum, notably with a view to improving cooperation with the cooperation with the competent foreign authorities in the fight against money laundering against money laundering and terrorist financing and to promote the exchange of best practices in this field.
This participation is also part of the implementation of the recommendations of the mutual evaluation report of the Moneyval Committee on the Principality of Monaco.
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The Certification relating to the fight against money laundering (AML), terrorist financing (TF) and corruption (C) was instituted in the Principality, at the initiative of the AMAF, by Sovereign Order 9223 of 28 April 2022.
Its purpose is to ensure that the teams in charge of these issues in all the banking institutions and management companies in the financial centre are fully aware of the relevant legislation and best practice.
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The Association Monégasque des Activités Financières has taken note of the "Fifth MONACO Mutual Evaluation Report" which has just been published by MONEYVAL.
The AMAF notes, in particular, that even if improvements are necessary, the Report recognises that "Financial Institutions (FIs) are aware of the main money laundering risks mentioned in the ENR2", and that "all FIs put in place identification and identity verification measures at the time of entry into the relationship and exercise constant vigilance over the business relationship throughout". This is the meaning of its commitment alongside the Government and the National Council to develop the corresponding legislation, Regulation is a major factor in the attractiveness of the financial centre.
As regards the general system, it has no doubt that the Monegasque authorities are determined to take the necessary measures to respond to the recommendations made by MONEYVAL.
For the President of the AMAF, Etienne Franzi: "the AMAF will not fail, for its part, to contribute once again, as necessary, to the work that will be carried out to this end. It notes that significant progress has already been made, most recently with the adoption of five new laws on 30 November.
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As part of the MONEYVAL evaluation process of the Principality of Monaco's anti-money laundering and combating the financing of terrorism (AML/CFT) system, a delegation was present in Strasbourg with Mr. Michel Hunault, head of the delegation and Mrs. Sylvie Petit-Leclair, Secretary of State for Justice, Director of Judicial Services. Mr. Jean Castellini, Councillor-Minister, opened the working meeting, by videoconference from Monaco, by recalling all the actions carried out by the Principality to comply with the FATF requirements, and more particularly the mobilization of all the services of the Monegasque Administration. This "face to face" week should allow the Monegasque delegation to further clarify to the evaluation team the high level of compliance and efficiency of the systems implemented in Monaco. Michel Hunault recalled the requirements of H.S.H. Prince Albert II and his government in terms of exemplarity to prevent and fight financial crime and implement the AML/CFT in the Principality.
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The Service d'Information et de Contrôle des Circuits Financiers (SICCFIN), the Financial Intelligence Unit (FIU) of the Principality of Monaco, took part, from July 10th to 14th, in the 28th plenary meeting of the EGMONT Group which took place in Riga (Latvia). The EGMONT Group is an international organization whose mission is to fight against money laundering and terrorist financing (AML/CFT). To this end, it develops training and mechanisms to strengthen FIU cooperation at the global level. On the occasion of this plenary session, the Monegasque delegation, led by Mrs Karine Borgheresi, received a "certificate of appreciation from the EGMONT Group", a sign of recognition of the quality of the cooperation, of the contributions made within the Egmont Group for the Monegasque FIU, and for the organization of the Financial Cooperation Forum of the French-speaking FIUs of the Egmont Group last November.
