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International cooperation: SICCFIN/TRACFIN working meeting in Paris
As part of international cooperation and the regular meetings held between the Monegasque and French financial intelligence units (FIUs), SICCFIN and TRACFIN, Michel Hunault, Director of SICCFIN, and Jean-Marc Gualandi, Head of Legal and International Affairs, travelled to the TRACFIN headquarters in Paris for a working meeting on 30 November 2020.
They were welcomed by Maryvonne Le Brignonen, Director of TRACFIN, and several of her colleagues, and during the meeting were able to discuss with participants the areas of cooperation between the two FIUs and, more specifically, the working and analysis methods used by investigators.
With transnational crime taking advantage of the COVID-19 pandemic to engage in a variety of large-scale fraud schemes, this kind of international cooperation is more essential than ever.
During the discussions, Michel Hunault and Jean-Marc Gualandi emphasised the Principality of Monaco’s determination to give SICCFIN, the Monegasque FIU, the resources required to increase the number of people in its various teams given that the amount of work is constantly increasing, as shown in the unit’s most recent activity report.
The talks focused on the forthcoming evaluation by the Financial Action Task Force (FATF) of the French anti-money laundering and combatting terrorist financing mechanism, as well as the Council of Europe MONEYVAL Committee’s evaluation of the Principality, scheduled for late 2021.
The extent to which the regularly updated National Risk Assessment and the development of guidelines for professionals demonstrate to the MONEYVAL assessors a good understanding of national vulnerabilities and the need to regularly strengthen existing preventive mechanisms was noted.
Monaco, which chairs the Egmont Group Circle of Francophone FIUs, will host the Circle’s 2021 conference. The 2020 event was cancelled due to COVID-19.
Planned for November 2021, this gathering will provide an opportunity to improve cooperation between FIUs in the face of the new challenges presented by international financial crime, such as cryptocurrencies.
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