Vote on Bill 1.077 adapting legislative provisions to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction - Part I

©Direction de la Communication - Michael Alesi

Bill 1.077 adapting legislative provisions to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction - Part I was passed unanimously on 29 June 2023.

This important and extensive law contains almost 130 regulations.

Drawn up and examined in a limited time in response to recommendations proposed by the Moneyval Committee and to reaffirm Monaco's unwavering commitment to upholding the highest international standards in the fight against money laundering.

One of the most significant stipulations of Bill 1.077 is the transformation of the Service d'Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN.) into an independent administrative authority, the "Monaco Financial Security Authority". 

This independent authority, equipped with appropriate resources and means, will have three functions: financial intelligence unit, supervision and inspections, and imposing of sanctions.

The Government would like to thank the National Council for its collaboration.

This vote is in line with the many actions that have already been taken and will inevitably continue. There will soon be further voting on other bills, including Bill 1.078 Part II.

Monaco has made the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction an absolute priority. All public and private stakeholders are continuously and fully committed to this objective.