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Writer's pictureAndré Giacometti

Monaco Enhances Anti-Money Laundering and Anti-Corruption Measures Post MONEYVAL Visit

Monaco has intensified its regulatory efforts to combat money laundering, terrorist financing, and corruption, in response to an evaluation by the Council of Europe’s MONEYVAL committee, which visited from February 21 to March 4, 2022. The principality's actions include the implementation of stricter compliance measures and the imposition of sanctions on entities found in violation of its laws.

The Minister of State, following recommendations from the Control Report Review Commission (CERC), has sanctioned 38 companies over the last three years for breaches in these areas. In 2022 alone, 12 companies faced sanctions, including warnings, reprimands, and financial penalties. The following year, 17 companies were similarly reprimanded, with one facing a temporary suspension of its authorization to operate. By 2024, 9 more companies were sanctioned, continuing the principality's rigorous enforcement agenda.

The total financial penalties imposed have now reached 1,424,500 euros, reflecting Monaco's commitment to maintaining its financial sector's integrity. These fines were distributed across various sectors, with the financial, real estate, and other non-financial sectors being significantly impacted. This structured approach underscores Monaco's dedication to upholding international standards and safeguarding its economic framework against illicit activities.

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