Monaco AML-CFT

The fight against money laundering and the financing of terrorism: its prevention is a shared concern

In the Principality of Monaco, cooperation and data exchange between the various players in the fight against money laundering, terrorist financing and corruption are governed by Bill No. 1.362, which has recently been amended.

In this context, the SICCFIN (Financial Intelligence Unit) is required to receive, or to be communicated, any information or document from other national authorities, necessary for the accomplishment of its mission. It can also transmit to these same authorities any information or document in connection with this law, useful for the exercise of their respective missions.

This is how nearly 400 requests and exchanges of information are sent to the Directorate of Public Security every year. The strengthening of these communications is strongly encouraged at the international level, in order to fight effectively against money laundering, the financing of terrorism and corruption.

Like the cooperation agreements concluded in neighboring countries, SICCFIN and the Public Security department reaffirm their willingness to cooperate permanently and even more effectively.
This agreement, signed on Thursday, April 8, 2021, in the premises of the Public Security, deepens a cooperation that has continued to strengthen in recent years, within the strict framework of the missions devolved to SICCFIN and the Principality’s international commitments.

Source: Communication Department of the Princely Government of the Principality of Monaco – Photo: Stéphane Danna – Richard Marangoni, Comptroller General in charge of the Public Security Department (left) and Michel Hunault, Director of SICCFIN

Post Author: Wealth Monaco