The Moneyval report published today highlights key vulnerabilities in Monaco AML measures, following the Moneyval audit held in 2022. « Significant improvements » are expected from financial institutions and non financial businesses…
The MONEYVAL anti-money laundering (“AML”) evaluation process for Monaco has begun. On-site visits by representatives of the MONEYVAL Committee are scheduled for the end of 2021. The process will result…
The Monaco Government has recently disclosed the sanctions imposed on companies for violations of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. This action follows the recommendations from…
Following its evaluation process started in 2021, Monaco has been placed under reinforced scrutiny by the FATF which however acknowledged the significant progress and improvements made by the Principality of…
The awaited law 1.549 of 6 July 2023 has now come into force! With 130 articles this law is part of Monaco’s efforts to comply with Moneyval’s recommendations and adapt…
As for Monaco non-trading/civil companies, the conditions for the creation and control of associations in the Principality of Monaco may be tightened as a result of the recent Moneyval evaluation….
Monaco non trading companies (SCPs for Sociétés Civiles Particulières or SCIs for Societes Civiles Immobilieres) are a favoured structuring vehicle for tax, confidentiality and succession reasons, they are used widely…
Moneyval interviews with Monaco entities subject to AML obligations will begin early 2022. Proper staff and management training is a must-have from a compliance perspective. AML trainings help to raise…
On July 5th, a protocol was signed between the AMAF (Monaco Association for Financial Activities) and the SICCFIN – the Monaco AML Agency – to reassess SICCFIN’s audit methods (“missions…
The long-awaited Ordinance implementing Law 1.403 on Anti-Money Laundering (“AML”) has been released on 29 April 2021. This Ordinance introduces certain substantial changes in Monaco AML framework and increases AML…
