International AML/CT cooperation - Moving towards an agreement between Monaco and Luxembourg
Led by Robert Gelli, the Secretary of Justice, and Michel Hunault, the Director of Service d’Information et de Contrôle des Circuits Financiers (SICCFIN), a Monegasque delegation travelled to the Grand Duchy of Luxembourg on 16 December 2020 to take part in working meetings with counterparts in the Ministry of Justice, the Financial Intelligence Unit (FIU) and the Commission de Surveillance du Secteur Financier (CSSF). H.E. Ms Isabelle Berro-Amadeï, the Principality’s Ambassador to Luxembourg, also took part.
The delegation was welcomed by Sam Tanson, Minister of Justice and Culture, Claude Marx, Director of the CSSF, Max Braun, Director of the FIU, and Martine Solovieff, the Public Prosecutor.
The talks focused on the issues which affect the financial sectors in Luxembourg and Monaco: the challenges of oversight, investigation and analysis of financial flows, and cooperation between the two countries in light of developments in international financial crime. Fruitful discussions on how to monitor cryptocurrencies, blockchain and trading platforms were also held.
The members of the two delegations additionally addressed the evaluations of their policies to combat money laundering and terrorist financing. These evaluations are set to be carried out by the Financial Action Task Force (FATF) and the Council of Europe’s MONEYVAL Committee in 2021.
The discussions were highly specific and the sharing of experience and approaches to organisation should result in a memorandum of understanding on cooperation between SICCFIN and the CSSF being signed in the Principality in the coming months.
Luxembourg’s FIU and CSSF will take part in the Circle of Francophone FIUs Forum to be held in Monaco in November 2021. SICCFIN Director Michel Hunault will chair the event.
Sam Tanson, Luxembourg’s Minister of Justice and Culture, joined the working meeting between her departments and the Monegasque delegation.