Monaco

New Documents

The Council of Europe’s Group of States Against Corruption published an interim compliance report assessing the progress made by Monaco to address 16 anti-corruption recommendations related to members of parliament, judges and prosecutors.

Monaco’s financial intelligence unit, Service d’Information et de Contrôle sur les Circuits Financiers, or SICCFIN, published its 2019 annual report highlighting the agency’s anti-money laundering and counterterrorist financing efforts, among other topics.

News

Enforcement Actions

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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

Technical Effectiveness
Compliant : 5 High :
Largely Compliant : 30 Substantial :
Partially Compliant : 14 Moderate :
Non-Compliant : 0 Low :

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