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

Monaco

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