2nd ENR LCB / FT for the MONEYVAL assessment

On the initiative of Mr. Michel Hunault, Director of SICCFIN and head of the Monegasque delegation to the MONEYVAL committee, a progress report on the ENR 2 was held on April 15, 2021 in Monaco at the Grimaldi Forum, in the presence of the Government Counsellor – Minister of Finance and Economy Jean Castellini, the President of the National Council, Stéphane Valeri, and the Secretary of State for Justice, Robert Gelli.

This event brought together representatives of the public and private sectors as well as the main leaders of the Principality’s economic forces. It demonstrates the mobilization of all players in the Monegasque economy to meet the requirements of the international standards (FATF Recommendations, EU Directives, etc.) in the fight against money laundering, the financing of terrorism and corruption.

The 2012 FATF Recommendations oblige countries to identify, assess and understand the money laundering and terrorist financing (AML / CFT) risks they face and to adapt their systems accordingly. When the risks of money laundering and terrorist financing are correctly understood, national authorities can then apply AML / CFT measures according to these risks. This risk-based approach is a central element of the FATF standards.

The results of the ENR 2 will be one of the assessment elements of the MONEYVAL evaluators.
This progress report was also an opportunity to recall that the ENR will be followed by the guidelines spreading and practical guides, eagerly awaited by professionals, as well as the development of a national AML / CFT strategy.

The various speakers representing the private sector insisted on the full commitment of the professionals alongside with the public authorities, within the ENR 2 framework and the preparation of the MONEYVAL committee’s assessment.

Source: Department of Communication of the Princely Government of the Principality of Monaco – In the photo (from left to right): Michel Hunault – Director of SICCFIN (at the desk), Magali Vercesi – Secretary General of CCAF, Stéphane Valeri – President of the National Council , Jean Castellini – Government Counselor-Minister of Finance and the Economy and Robert Gelli – Secretary of State for Justice, Director of Judicial Services / Michael Alesi

Post Author: Wealth Monaco