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Money laundering: the Principality of Monaco singled out by the Council of Europe

Money laundering: the Principality of Monaco singled out by the Council of Europe
Money laundering: the Principality of Monaco singled out by the Council of Europe

In its report concluded after a visit completed in March 2022, Moneyval, the anti-money laundering body of the Council of Europe Moneyval recognizes that Monaco has made commendable efforts to identify the risks associated with money laundering. But further efforts are needed to deepen measures in some sectors.

The Council of Europe has encouraged the Principality of Monaco to redouble its efforts to combat money laundering and the financing of terrorism. A directive of which Monaco is aware and ready to follow in order to begin a process of effective fight against these problems which threaten the safety of Monegasques.

In its report concluded after a visit completed in March 2022, Moneyval, the Council of Europe’s anti-money laundering body, calls for fundamental improvements to increase the effectiveness of supervision, investigation and prosecution of money laundering. confiscation of the proceeds of crime, as well as the strengthening of the surveillance system.

The report also finds that major improvements are needed with regard to the transparency of legal persons, as well as the investigation and prosecution of the facilitation of terrorist activities.

The said report emphasizes the “absence of prosecutions or convictions” in this area. Moneyval acknowledges that Monaco has made commendable efforts to identify money laundering risks. But the body encourages him to make an additional effort to deepen the measures in certain sectors, in particular that of casinos. The report is concerned about the “very low number of convictions obtained” and the “even smaller number of confiscation orders ordered, none of which concern property of equivalent value”.

For its part, the Monegasque government expressed in a press release its full support for the recommendations made in this report and affirms that the State of Monaco is determined to implement them quickly in order to comply with the best international standards in the fight against money laundering and terrorist financing.

Sami Nemli with agencies / Les Inspirations ECO


The article is in French

Tags: Money laundering Principality Monaco singled Council Europe

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