AML / CFT: Towards a Cooperation Agreement Between Monaco and Luxembourg

Led by Robert Gelli, Secretary of State for Justice – Director of Judicial Services and Michel Hunault, Director of the Information and Control of Financial Circuits Service(SICCFIN), a Monegasque delegation visited on December 16, 2020, the Grand Duchy of Luxembourg to participate in working cessions with their counterparts from the Ministry of Justice, the Financial Intelligence Unit (CRF) and the Commission de Surveillance du Secteur Financier(CSSF), with the participation of HE Ms. Isabelle Berro-Amadeï, Ambassador of the Principality in Luxembourg.

During this trip they were greeted by Sam Tanson, Minister of Justice and Culture, Claude Marx, Director of the CSSF, Max Braun, Director of the CRF, and Martine Solovieff, State Attorney General.

The discussions focused on issues that concern both the Luxembourg and Monegasque financial centers: the challenges of supervision, the investigations and analyzes of financial flows and cooperation between the two countries in the light of developments in international financial crime.

Tracking cryptocurrencies, blockchain, and trading platforms were also the subject of fruitful discussions.

The members of the two delegations also referred to the evaluations of their anti-money laundering and terrorist financing policies by the Financial Action Task Force (FATF) and by the MONEYVAL committee of the Council of Europe which will take place in 2021.

The discussions were very concrete and the exchange of experiences and organization should lead, in the coming months, to the signing in the Principality of a memorandum of understanding for cooperation in matters of supervision between SICCFIN and the CSSF.

The Luxembourg CRF and the CSSF will participate in November 2021, in the Forum of the Circle of Francophone CRFs which will take place in Monaco and of which the Director of SICCFIN, Michel Hunault is chairing.

Source : Communication Department of the Princely Government of the Principality of Monaco

Post Author: Wealth Monaco