Second National Money Laundering and Financing of Terrorist Financing Risk Assessment in View of the MONEYVAL Evaluation: A New Update
At the initiative of Mr. Michel Hunault, Director of SICCFIN and head of the Monegasque delegation to the MONEYVAL committee, an update on the work of Monaco's National Risk Assessment (NRA2) was held on 15 April 2021 at the Grimaldi Forum. in the presence of Messrs. Jean Castellini, Minister of Finance and Economy, Stéphane Valeri, President of the National Council, and Robert Gelli, Secretary of Justice, among others.
This event brought together representatives of the public and private sectors and the main leaders of the Principality's economic forces. It is testimony to the involvement of all players in the Monegasque economy in meeting the requirements of international standards (FATF Recommendations, EU Directives, etc.) in combating money laundering, the financing of terrorism and corruption.
The FATF's 2012 Recommendations require countries to identify, assess and understand the money laundering and terrorist financing (AML/CFT) risks they face and adapt their systems accordingly.
When the risks of money laundering and the financing of terrorism are properly understood, national authorities can then apply AML/CFT measures in line with these risks. This risk-based approach is a central element of the FATF standards.
The results of the NRA2 will be one of the elements of assessment by the MONEYVAL evaluators.
This update was also an opportunity to recall that the NRA will be followed by the dissemination of guidelines and practical guides, which are eagerly awaited by professionals, as well as the development of a national AML/CFT strategy.
The many speakers representing the private sector emphasised the full commitment of professionals alongside the public authorities, within the framework of the NRA2 and the preparation of the MONEYVAL committee's assessment.