Page 12 - MONACO LAW REVIEW 2025-2

Evolution of Monaco’s AML/CFT Framework
Overview of the Key Milestones
Monaco placed under FATF
enhanced monitoring
(“grey list”)
2023
FIVE LAWS UPDATE MONACO’S AML/
CFT FRAMEWORK
Laws Nos. 1.533 to 1.537 of 9 December 2022 reform:
- international judicial cooperation, an essential tool in the fi ght against
cross-border fi nancial crime,
- the seizure and confi scation of proceeds of crime,
- and provisions of the Criminal Code and the Code of Criminal Procedure.
2022
Publication
of the MONEYVAL Report
(16/12/2022)
AML/CFT TRAINING: 400 TRAINING
PLACES MADE AVAILABLE AT THE IMFPJ
The IMFPJ is opening an unprecedented number of AML/CFT training
sessions for judges, lawyers, police offi cers and obliged entities (fi nancial,
legal, real-estate sectors, etc.).
ESTABLISHMENT OF THE NATIONAL
AML/CFT STRATEGY COORDINATION
AND MONITORING COMMITTEE
Sovereign Ordinance No. 9.729 of 1 February 2023 establishes the
Committee responsible for coordinating and monitoring Monaco’s
national anti-money-laundering strategy.
MONEYVAL I LAW ON ANTI-MONEY-
LAUNDERING
Law No. 1.549 of 6 July 2023 strengthens the obligations of obliged
fi nancial entities and increases the severity of applicable sanctions.
ESTABLISHMENT OF THE
MONEGASQUE FINANCIAL SECURITY
AUTHORITY (AMSF)
In July 2023, SICCFIN becomes the AMSF. As an independent administrative
authority, it acquires full autonomy from the Government and is equipped
with a unit empowered to impose sanctions.
MONEYVAL II LAW ON THE
TRANSPARENCY OF LEGAL PERSONS
Law No. 1.550 of 10 August 2023 aims to improve the transparency of
companies and benefi cial owners.
MONEYVAL III LAW ON THE POWERS
OF THE GENERAL PROSECUTOR’S
OFFICE
Law No. 1.553 of 7 December 2023 authorises the General Prosecutor’s
Offi ce to order seizures at the preliminary-investigation stage and
strengthens the eff ectiveness of investigations.
ESTABLISHMENT OF THE OFFICE FOR
THE MANAGEMENT OF SEIZED
AND CONFISCATED ASSETS (SGA)
Sovereign Ordinance No. 10.245 of 7 December 2023 formally establishes
the SGA. It becomes operational and begins managing seized assets.
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