Monaco Monaco

New Documents

GRECO Welcomes Improved Efforts by Monaco to Curb Corruption

The Council of Europe’s Group of States Against Corruption published a Second Compliance Report on efforts by the Government of Monaco to implement anti-corruption measures.

April 5, 2023

Moneyval Report Urges Monaco to Improve Measures to Combat ML/TF

The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a mutual evaluation report on the anti-money laundering and counterterrorist financing regime of Monaco, urging fundamental improvements in some areas.

February 1, 2023

Monaco Launches Website to Share Information on Frozen, Sanctioned Assets

December 7, 2022

Monaco, Andorra Enter into Bilateral Tax Convention

December 7, 2022

Monaco: AML Committee Meets for First Plenary

May 16, 2022

News

Midweek Roundup: Panama Papers Trial Begins, Nigeria Charges Binance AML Chief, and More

U.S. regulators warn banks to identify their customers’ customers, banks leaving key details out of export-related SARs, and more, in the midweek roundup.

April 10, 2024

Weekly Roundup: New York Yanks BitLicense, Tornado Cash Still in Business, and More

Colombian president’s son charged with money laundering, FinCEN issues PPP guidance, and more, in the weekly roundup.

January 12, 2024

Midweek Roundup: Binance Weighs Russia Exit, Singapore Lenders Implicated in Money Laundering Scandal, and More

August 30, 2023

Midweek Roundup: Israel Seizes Cryptocurrency, US Treasury Issues Africa Gold Advisory, and More

June 28, 2023

Monaco Requires ‘Fundamental Improvements’ Against Illicit Finance, FATF Warns

January 23, 2023

Enforcement Actions

0 Items Found

Key Documents

Monaco Specifies Obligations to Prevent ML/TF, Corruption

August 3, 2009

Monaco Publishes Client Identification Requirements

August 3, 2009

Monaco Outlines Fund-Freezing Procedures

June 10, 2008

Monaco Enacts CTF Law

April 8, 2002

Monaco Revises Order Establishing Its Financial Intelligence Unit

July 12, 2007

Monaco Outlines AML/CTF Obligations Related to Cheques, Electronic Money

September 29, 2003

Important Facts

  • The U.S. State Department identifies the Principality of Monaco as a jurisdiction of concern. Even though the jurisdiction is the second-smallest country in Europe, Monaco is considered a major banking sector that closely guards the privacy of its clients. In recent years, it has worked to comply with international requirements for greater openness and sharing of information. Monaco does not have a formal offshore sector, but about 60 percent of the total banking sector's assets and deposits are owned by foreigners. While Monaco does not publish its banking information, credible sources estimate that the country's 35 banks and three financial institutions hold more than 300,000 accounts and manage a total of about 750 billion euros. Money laundering charges relate mainly to offenses committed abroad. The principality does not face ordinary forms of organized crime, and there is no significant market for smuggled goods.
  • KYC Covered Entities:  Banks and credit societies; the post office; money exchanges and remitters; portfolio and fund managers and securities brokers/dealers; insurance firms; financial advisors and intermediaries; casinos; real estate agents; dealers of high-value goods, antiques, art, and precious stones and metals; lawyers; notaries; trustees and company service providers
  • STR Covered Entities:  Banks; insurance companies; stockbrokers, corporate service providers, portfolio managers, and trustees; casinos; money remitters; real estate brokers; business, legal, or tax advisors; dealers in precious stones, precious materials, antiquities, fine art, and other valuable assets; lawyers; notaries; accountants
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 6 (2014); Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 4 High : 0
Largely Compliant : 20 Substantial : 0
Partially Compliant : 16 Moderate : 8
Non-Compliant : 0 Low : 3

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 109/133
Score : 70/100