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.
