Monaco

New Documents

Monaco: AML Committee Meets for First Plenary

Monaco’s Coordination and Monitoring Committee of the national strategy against money laundering, terrorist financing, proliferation of weapons of mass destruction and corruption held its first plenary in early February 2022 with Minister of State Pierre Dartout as the chair of the meeting. 

May 16, 2022

Monaco Regulator Releases Guides on AML/CTF Compliance

The Service d’Information et de Contrôle sur les Circuits Financiers of Monaco issued new guiding documents to regulated entities to bolster their compliance with anti-money laundering, counterterrorist financing, and counter-corruption laws and regulations.

May 12, 2022

Monaco Releases National AML/CTF Strategy

May 9, 2022

EU Amends Agreement with Monaco to Reflect Implement AML Measures

March 30, 2022

Monaco Regulator Welcomes National Strategy to Combat ML/TF

February 14, 2022

News

Monaco Targets Key AML Vulnerability: Luxury Yachts

Ahead of a global evaluation that ended in March, Monaco published a new AML strategy and formally advised institutions on the threat of illicit finance that sport agents and real estate sometimes present.

April 1, 2022

Weekly Roundup: JPMorgan Chase Exits AML Enforcement, Latvia Seizes Ports from Oligarch, and More

Trinidad and Tobago targets human traffickers, U.S. blacklists Iranian shipping firm and airline, and more, in this week’s roundup.

December 13, 2019

Weekly Roundup: Goldman CEO Met Corrupt Malaysian Financier, Italy Investigates Private Bankers, and More

November 9, 2018

Midweek Roundup: SWIFT Cuts Iranian Access, Alleged SAR Leaker Plans Legal Defense, and More

November 7, 2018

Midweek Roundup: U.K. Regulator Says HSBC Should Downsize, Chinese Corruption Law Takes Effect, and More

March 4, 2015

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

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