New Monaco AML-CFT law finally adopted

By July 13, 2018Monaco News

The new Monaco AML-CFT law has been adopted and published.

The law  transposes the 4th UE directive on AML-CFT. It also addresses the issues raised by the Moneyval evaluation report in 2013.

Among major changes are :

  • New administrative sanctions applicable both to entities and members of top management or control functions (e.g. CEO, COO, board members, MLRO, CRO etc… );
  • Financial institutions exposed to fines up to 10 % of worldwide income for consolidated groups;
  • List of predicate offenses for AML-CFT enlarged, now encompassing all offences sunctioned by more than one year imprisonment (vs three years before);
  • Reversal of burden of proof when certain circumstances or facts are gathered.

DL Corporate & Regulatory will be pleased to assist and ensure compliance with the new law requirements,  update your AML-CFT internal procedures including offering special training programs to employees and management teams.

https://journaldemonaco.gouv.mc/Journaux/2018/Journal-8389/Loi-n-1.462-du-28-juin-2018-renforcant-le-dispositif-de-lutte-contre-le-blanchiment-de-capitaux-le-financement-du-terrorisme-et-la-corruption

François Poher