Coordination and Monitoring Committee for the National Anti-Money Laundering Strategy

© Government Communication Department / Stéphane Danna

The members of the first College of the Coordination and Monitoring Committee for the National Strategy to Combat Money Laundering, Terrorist Financing, the Proliferation of Weapons of Mass Destruction and Corruption convened on Wednesday 12 November, for a meeting chaired by the Minister of State.

The Minister thanked the government departments and authorities concerned for their sterling efforts and commitment since the start of the monitoring process, and hailed the further improvements made since Monaco’s first progress report to the FATF.

The changes introduced received official endorsement with the adoption of the Principality’s second report by the FATF’s latest plenary assembly in October, at which a Monegasque delegation was present.

They include a marked increase in international cooperation requests to identify and if necessary seize criminal assets abroad, while the Monegasque Financial Security Authority has been provided with additional resources, and the Office of the Public Prosecutor has been bolstered with three new appointments. Seizures of property suspected of being obtained through criminal means have also proven successful.

Thanks to the considerable efforts made, Monaco has already completed a number of the measures outlined in its action plan, and several are now deemed to have been broadly addressed ahead of the schedule originally agreed in June 2024.

During Wednesday’s meeting, the Committee also turned its attention to the third progress report due to be submitted to the FATF shortly, and discussed the various deadlines and milestones that lie ahead for Monaco.

To ensure the Principality is properly prepared, the Committed called on the government departments and authorities concerned to keep up their good work.