ANTI MONEY LAUNDERING, TERRORISM FINANCING & CORRUPTION

- For many years, the Principality has pursued an active policy in combating money laundering, terrorist financing and corruption (AML/CFT-C), on both a national and international level. In terms of national law, Monaco has put in place a legislative package in line with the international standards recommended by the FATF (Financial Action Task Force).

- Since the first anti money laundering law of 1993, the legal and statutory framework of Monaco has been regularly amended and repeatedly strengthened in order to comply with changes in international good practices in the name of guaranteeing a level of legal security for monetary and financial transactions in line with the standards of a modern and attractive banking centre. To ensure that the AML/CFT-C mechanism is implemented, the Principality has a financial investigation unit, the “Service d’Information et de Contrôle sur les Circuits Financiers” (SICCFIN).

- On an international level SICCFIN is a member of the Egmont Group (an international organisation bringing together the financial intelligence units of more than 130 countries) and has signed about thirty cooperation agreements with its foreign counterparts. Monaco has regularly participated in the work of European regulatory bodies specialising in the domain of AML/CFT-C, such as the MONEYVAL Experts’ Committee or the Group of States against Corruption (GRECO).