MONEYVAL evaluation of Principality gets underway - Widespread mobilisation in the Principality shows extent of interest in next evaluation to be conducted by Council of Europe’s MONEYVAL Committee

Michel Hunault, Director of SICCFIN, Head of the Monegasque Delegation to MONEYVAL, surrounded by his team, and Igor Nebyvaev, Executive Secretary of the MONEYVAL Committee, surrounded by the speakers (video screen). ©DR

In December 2021, Monaco’s anti-money laundering and counter-terrorism financing (AML/CTF) policy will be evaluated by the MONEYVAL Committee, a Council of Europe monitoring mechanism.

To launch the evaluation of the Principality’s AML/CTF regime, Minister of Finance and Economy Jean Castellini, Secretary of Justice Robert Gelli and a number of directors and representatives from government departments took part in some instructive and fruitful discussions with representatives from the MONEYVAL Executive Secretariat on 9 and 10 December 2020.

SICCFIN, Monaco’s financial investigation unit, which is responsible for coordinating the Principality’s preparations and getting ready for the evaluators’ arrival in December 2021, was represented by its Director, Michel Hunault, who leads the Monegasque delegation to MONEYVAL. He was joined by the heads of the unit’s legal and international affairs, investigations and analysis, and supervision teams.

In light of the unusual health situation, the discussions were held by videoconference. Over the course of these training days, MONEYVAL’s Executive Secretary, Igor Nebyvaev, and his colleagues set out the Financial Action Task Force (FATF) methodology, the rating requirements and the procedures for evaluating the AML/CFT actions put in place, as well as the level of engagement required from professionals subject to Act No. 1.362, dated 3 August 2009, and from the public sector in combatting organised crime.

The evaluation will be conducted according to the “peer review” model and is a vitally important procedure for the Principality and its economy. It involves checking that the country is applying the 40 recommendations issued by the FATF effectively.

A third training day is set to be held in person in Monaco in early February 2021, if developments in the COVID-19 pandemic permit.