Monaco

New Documents

SICCFIN Report Highlights Monaco’s AML/CTF Efforts for 2019

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.

October 27, 2020

Monaco’s FIU Notes Drop in 2018 SARs Submissions

The Service d’Information et de Contrôle sur les Circuits Financiers of Monaco, the country’s financial investigative unit, published its 2018 report focusing on anti-money laundering and counterterrorist financing supervision and the processing of suspicious transaction information.

October 2, 2019

GRECO Publishes Fourth Evaluation Round Report on Corruption in Monaco

June 23, 2017

EU, Monaco Sign Tax Agreement

July 12, 2016

Monaco FIU Publishes 2015 Annual Report

July 11, 2016

News

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

Deutsche Bank may face subpoenas from Democratic lawmakers, UBS in line for hefty penalties, and more, in this week’s roundup.

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