Information session for private sector stakeholders on anti-money laundering, terrorist financing and the proliferation of weapons of mass destruction

©Direction de la Communication - Manuel Vitali

A special information session was held at the Grimaldi Forum on 26 June, for obliged entities subject to laws and regulations in the field of anti-money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

The event, which was well attended with over 500 professionals signing up from all of the sectors concerned, was organised by the Permanent Secretariat of the Committee for Coordination and Monitoring of the National AML-CFT Strategy, and also included contributions from the Monegasque Financial Security Authority (AMSF) and the Police Department.

Over the course of the day, officials discussed the issues with professionals from the private sector, while the Permanent Secretariat presented Monaco’s national coordination framework and offered a point of clarification on the progress of ongoing discussions with MONEYVAL and the Financial Action Task Force (FATF), following the decision to greylist Monaco in June 2024.

The AMSF shared its priority actions and practical guides, including the most recent publications, and presented a summary of its sector-by-sector analysis looking at the money laundering risks posed by offshore tax fraud. The professionals in attendance were also given a brief refresher on how to use GoAML and its features, and the importance of registering on the platform was strongly emphasised. There was also a discussion on the quality of suspicious activity reports made, and the deadlines for submitting them.

Finally, representatives from the Police Department presented a variety of different money laundering typologies and explained how they work.

Bruno Dalles, Director of the AMSF ©Direction de la Communication - Manuel Vitali

Frédéric Chartier, Executor Coordinator, AML-CFT Permanent Secretariat ©Direction de la Communication - Manuel Vitali

The event provided a valuable opportunity for constructive dialogue, underscoring the vital need for the public and private sectors to work together to align Monaco’s AML-CFT regime with the highest international.