Moneyval: Principality has shown “moderate effectiveness” and must “step up its efforts”

The Prince’s Government is “determined to implement the recommendations to comply with international standards in the fight against money laundering and the financing of terrorism.” 

Monaco is asked to “step up its efforts to investigate and prosecute money laundering, to confiscate and recover proceeds of crime as well as to strengthen its supervisory system.” This is what emerges from the latest Moneyval report, published on Monday 23 January.

This permanent monitoring body of the Council of Europe is tasked with assessing compliance with the key international standards on the fight against money laundering and financing of terrorism, assessing the effectiveness of the application of these standards, and making recommendations to the countries concerned.

While Moneyval acknowledged the “commendable efforts” made by the Principality to identify risks, there is more to be done, as the report mentions “moderate effectiveness”. Invited to speak on Monaco Info, Jean Castellini, Minister for Finance and the Economy, acknowledged that improvements would have to be made, notably “on procedures, on Monaco’s capacity to expand its measures, to hire more people and to prioritise its actions better.”

However, Jean Castellini stresses that “team Monaco is well aware of the stakes” and promises that “Monaco will pass Moneyval muster in 2024.”

The Minister also reminded viewers that progress has been made in the meantime, especially on the legislative aspect. The National Council also communicated on the matter via a press release: “the elected representatives stress that they have been strongly involved on their part over the past five years to ensure that Monegasque legislation complies with the highest international standards, particularly in the fight against money laundering and  financing of terrorism,” it reads.

“We will continue and intensify our efforts”

Recalling the different legislative measures that have been adopted, “sometimes with tight deadlines,” the Council concluded its press release with a reaction from its President, Brigitte Boccone-Pagès: “in its institutional role, the National Council has always endeavoured to ensure that Monaco complies with the international standards as applied to the fight against money laundering, and has effective legislation. As part of a combined effort by our institutions, the Assembly stresses the importance of constant and proactive adaptation to the highest international standards, in order to continually protect and strengthen our country’s reputational dimension.”

The Minister of State, Pierre Dartout, stated that “the Principality is determined to continue implementing Moneyval’s recommendations in order to comply with the most demanding international standards at the end of the twelve-month monitoring period,” and that the Principality is “in line with Prince Albert II’s vision of an exemplary Monaco in terms of ethics, transparency and the fight against money laundering. (…) This exemplarity in the fight against money laundering and terrorist financing is essential for Monaco in terms of its raison d’être and attractiveness. We will therefore continue and intensify our efforts.”

The Association Monégasque des Activités Financières (AMAF) also confirms that “regulation is part of the Monegasque banking sector’s attractiveness.” Its President, Etienne Franzi, promises that “the AMAF will continue to contribute, as required, to the work that will be carried out to that end. The AMAF recognises that significant progress has already been made, most recently with the adoption of five new pieces of legislation on 30 November.”