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Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
The Principality of Monaco is the second-smallest country in
Europe. It is linked closely to France, and is closely tied to the
economic apparatus of the European Union (EU) through its
customs union with France and its use of the euro as its official
currency. Monaco is known for its security and political stability.
Historically, Monaco’s casinos, run by a majority state-owned
company, were major sources of income. Now, however, the
casino revenues constitute less than 3% of the state budget.
Monaco’s state budget is now based primarily on taxes, duties,
and excises which account for 75% of the total income. Monaco’s
39 banks and two financial institutions hold more than 300,000
accounts and manage total assets of about 750 billion euros
(approximately $102.8 billion). Non-residents total 46 percent of
the financial institutions’ total number of clients, representing 60%
of the total assets and deposits, respectively almost 84,000
clients and 45 billion euros (approximately $57.6 billion). Money
laundering offenses relate mainly to offenses committed abroad.
Reportedly, the Principality does not face ordinary forms of
organized crime. There is no significant market for smuggled
goods.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks; insurance companies; stockbrokers;
corporate service providers; portfolio managers; some trustees;
institutions within the offshore sector; casinos; money remitters;
real estate brokers; consultants or advisors in business, legal or
tax matters; dealers in precious stones, precious materials,
antiquities, fine art and other valuable assets; lawyers; notaries;
accountants
Number of STRs received and time frame: 478 in 2008
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Not available
Convictions: Not available
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Monaco is a member of the Council of Europe’s Committee of
Experts on the Evaluation of Anti-Money Laundering Measures
and the Financing of Terrorism (MONEYVAL), a Financial Action
Task Force (FATF)-style regional body. Its most recent mutual
evaluation can be found here: http://www.coe.
int/t/dghl/monitoring/moneyval/Countries/Monaco_en.asp
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Government of Monaco (GOM) should enhance the authority
of its financial intelligence unit (FIU) to forward reports and share
financial intelligence with law enforcement and foreign FIUs even
when the report or information obtained does not relate
specifically to drug trafficking, organized crime, or terrorist
financing. The GOM should become a party to the UN Convention
against Corruption.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
AML News / Updates
October 10, 2010 - The Global Forum on Transparency and
Exchange of Information for Tax Purposes has issued a phase
one peer review for Monaco
View Review....
Links:
Worldwide AML Legislation (International Bar Association)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
The Principality of Monaco is the second-smallest country in
Europe. It is linked closely to France, and is closely tied to the
economic apparatus of the European Union (EU) through its
customs union with France and its use of the euro as its official
currency. Monaco is known for its security and political stability.
Historically, Monaco’s casinos, run by a majority state-owned
company, were major sources of income. Now, however, the
casino revenues constitute less than 3% of the state budget.
Monaco’s state budget is now based primarily on taxes, duties,
and excises which account for 75% of the total income. Monaco’s
39 banks and two financial institutions hold more than 300,000
accounts and manage total assets of about 750 billion euros
(approximately $102.8 billion). Non-residents total 46 percent of
the financial institutions’ total number of clients, representing 60%
of the total assets and deposits, respectively almost 84,000
clients and 45 billion euros (approximately $57.6 billion). Money
laundering offenses relate mainly to offenses committed abroad.
Reportedly, the Principality does not face ordinary forms of
organized crime. There is no significant market for smuggled
goods.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks; insurance companies; stockbrokers;
corporate service providers; portfolio managers; some trustees;
institutions within the offshore sector; casinos; money remitters;
real estate brokers; consultants or advisors in business, legal or
tax matters; dealers in precious stones, precious materials,
antiquities, fine art and other valuable assets; lawyers; notaries;
accountants
Number of STRs received and time frame: 478 in 2008
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Not available
Convictions: Not available
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Monaco is a member of the Council of Europe’s Committee of
Experts on the Evaluation of Anti-Money Laundering Measures
and the Financing of Terrorism (MONEYVAL), a Financial Action
Task Force (FATF)-style regional body. Its most recent mutual
evaluation can be found here: http://www.coe.
int/t/dghl/monitoring/moneyval/Countries/Monaco_en.asp
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Government of Monaco (GOM) should enhance the authority
of its financial intelligence unit (FIU) to forward reports and share
financial intelligence with law enforcement and foreign FIUs even
when the report or information obtained does not relate
specifically to drug trafficking, organized crime, or terrorist
financing. The GOM should become a party to the UN Convention
against Corruption.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
AML News / Updates
October 10, 2010 - The Global Forum on Transparency and
Exchange of Information for Tax Purposes has issued a phase
one peer review for Monaco
View Review....
Links:
Worldwide AML Legislation (International Bar Association)
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*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| MONACO |
| KnowYourCountry |
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| Last Updated: 16 April 2012 |