Monaco: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 224

Publication date: July 2008

ISBN: 9781451824896

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Topics covered in this book

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Public Finance , ISCR , CR , Monégasque authorities , law enforcement authority , confiscation regime , competent authorities , Monégasque authority , due diligence , registration authority , prosecution authority , Monégasque confiscation regime , client institution , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , Legal support in revenue administration , Terrorism financing , Internal controls , Northern Europe , Global

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Grenada

Nepal

Peru

Republic of Congo : 2001 Article IV

Summary

This report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in the Principality of Monaco. The Principality has a satisfactory legal framework to combat money laundering and terrorist financing though, in general, the legal provisions are not detailed or otherwise supplemented by detailed secondary legislation and instructions. The 2003 money laundering offence’s restrictive terms hindered prosecutions, and thus the results in terms of convictions for money laundering remained disappointing.