SICCFIN

AML /FTC-C : 2nd National Risk Assessment

Thursday November 12, 2020, at the initiative of Michel Hunault, Director of the department for the Information and Control on Financial Circuits (SICCFIN), with the assistance of Phoenix Consulting, was held a morning meeting to take stock of the progress of the process of the 2nd National Risk Assesment in the Principality (ENR2) in terms of Fight against Money Laundering, Terrorism Financing and Corruption (AML / CFT-C).

This meeting, in the presence of Jean Castellini, Government Counselor-Minister of Finance and the Economy, Patrice Cellario, Government Counselor-Minister for the Interior, Robert Gelli, Secretary of State for Justice and Sylvie Petit -Leclair, Attorney General, brought together nearly 100 people representing the public and private sectors and the main leaders of the Principality’s economic forces.

After introductory remarks by Michel Hunault, Jean Castellini recalled that ENR2 is a process of knowledge of Monaco’s vulnerabilities in the area of AML / CFT, which must be transversal and involve all players in the economic and financial market.

He welcomed the presence of representatives of Monegasque associations and foundations, as their participation in ENR is important, particularly in the fight against the financing of terrorism.

Jean Castellini announced that at the end of this ENR2, the examination and the vote by the National Council of the bill n ° 1.008 transposing the 5th anti-money laundering directive (EU), guidelines will be drafted and sent to professionals in order to enable them to better understand the AML / CFT legislation.

He stressed that regulation is not the enemy of business circles, but the condition of confidence in the Monegasque banking and financial center and in its respectability. LCB / FT-C being, for the Princely Government, more than a priority. It is a daily requirement in all the actions undertaken.

Robert Gelli, for his part, presented the judicial policy of Monaco in the area of AML / CFT and drew the attention of the audience to the criminalization of the notion of negligence of professionals which consists of the failure to comply with the obligations imposed under the bill n° 1.362 du 3 agust 2009, amended.

He also insisted on the necessary international cooperation, in particular through requests for assistance and he praised the national cooperation between the services.

Comments confirmed by Richard Marangoni, Director of Public Security, who spoke of the dimension of the challenge to be taken up after the recent terrorist attacks committed in France and in Europe.

The National Council was represented by Maître Thomas Brezzo, National Councilor, President of the Legislation Commission, who reported on the close cooperation between the Assembly and the Government to provide the Principality with legislation in line with the best international standards (5th directive (EU), FATF Recommendations), which evolve regularly. He indicated that the bill n ° 1.008, reinforcing the mechanism of fight against money laundering, the financing of terrorism and corruption should be voted on December 16, at a meeting which will be exclusively devoted to it.

Many other personalities from the Principality spoke during this very fruitful working morning : Sophie Vatrican (Directeur du Budget et du Trésor), Agnès Falco (UBS) et Sérène El-Masri (UBP), Hervé Ordioni et Alain Ucari (AMAF), Michel Dotta (Président de la Chambre Immobilière), Pascal Camia (Directeur Général de la SBM), Jean-Philippe Ory (Président de l’AMCO), Claude Cardone (Président de la Chambre monégasque de l’horlogerie et de la joaillerie), Philippe Ortelli (Président de la FEDEM), Daniel Coheur (société Tokeny), Jean-Marc Gualandi, Eric Bergesi et Benjamin Aouizerat (SICCFIN).

In his conclusion, the Director of SICCFIN thanked the speakers and participants and arranged to meet them in spring 2021 to learn about the conclusions of ENR2.

Article/Photo: Direction de la Communication du Gouvernement Princier de la Principauté de Monaco

Post Author: Wealth Monaco