MONACO: MONEYVAL SAYS AML SYSTEM INADEQUATE

On 23 January, EurActiv reported that a mutual evaluation report from MONEYVAL highlights key vulnerabilities in Monaco’s measures against money laundering and the country risks being placed under intense scrutiny by FATF.  The report is said to say that it faces significant money laundering risks, mostly due to the “internationally oriented financial activities” that are being offered – and that the Principality is a “prime target” for illicit cross-border financial flows, and that, in most cases, frauds are committed abroad, while the proceeds of the crime are laundered in Monaco.

https://www.euractiv.com/section/economy-jobs/news/monacos-anti-money-laundering-system-inadequate-risks-name-and-shame/

https://search.coe.int/directorate_of_communications/Pages/result_details.aspx?ObjectId=0900001680a9d823

https://rm.coe.int/moneyval-2022-19-eng/1680a9d7d0

MONACO REACTS SWIFTLY TO MONEYLAUNDERING COMPLIANCE REPORT

https://news.mc/2023/01/23/monaco-reacts-swiftly-to-money-laundering-compliance-report/

https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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