Monaco and Luxembourg sign cooperation agreement on supervision

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On 23 July, Mr Michel Hunault, Director of the Service d’information et de Contrôle sur les Circuits Financiers (SICCFIN), and his counterpart from Luxembourg Mr Claude Marx, Director of the Commission de Surveillance du Secteur Financier (CSSF), ratified a cooperation agreement to improve the effectiveness of efforts to combat money laundering and terrorist financing.

Present at the signing of the agreement were Mr Robert Gelli, Secretary of Justice, Mr Louis Danty, Head of Supervision at SICCFIN, Mr Éric Bergesi, Head of Investigations, and Mr Jean-Marc Gualandi, Head of Legal, Administrative and International Affairs.

“I’m delighted to see that we are able to further strengthen our links with a financial centre as significant as Luxembourg,” said Mr Robert Gelli. “In addition to the exchange of specific information about cases, it is important to establish a regular dialogue to enable a review of legislative issues, procedures and operating methods.”

Mr Claude Marx added: “It is very much in our interests to work together. Our financial sectors are very similar. Both of our countries are very open to the world. We also have a reputation to protect.”

In conclusion, Mr Michel Hunault noted: “The European Union recently decided to establish an agency dedicated to tackling money laundering and terrorist financing, because there are flaws and weaknesses, and it is clear that harmonising legislation isn’t sufficient. It is essential that we cooperate.”