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MONEYVAL carries out evaluation visit to Monaco

Monaco 4 March 2022
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MONEYVAL carries out evaluation visit to Monaco

As part of the mutual evaluation of Monaco, a team of evaluators from the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) carried out an on-site visit to the Principality from 21 February to 4 March.

The purpose of this mutual evaluation is to assess the country's technical compliance and effective implementation of the international anti-money laundering and combating the financing of terrorism (AML/CFT) standards, in accordance with the 2013 Financial Action Task Force (FATF) methodology.

The assessment team is composed of MONEYVAL experts with legal, financial and law enforcement experience, assisted by members of the MONEYVAL Secretariat.

During the inaugural meeting of the on-site visit, the Minister of State, H.E. Mr Pierre DARTOUT, underlined the recent adoption of the national AML/CFT strategy as well as the Principality's commitment to maintain a high level of standards in this field. On Friday 4th March, H.S.H. Prince Albert II received the evaluation team.

During the on-site visit, numerous meetings were held with representatives of the Monegasque criminal justice system and the operational agencies involved in AML/CFT, as well as the supervisory authorities. The assessment team also met with representatives of the private sector (including banks, management companies, real estate agents, casinos, notaries, etc.) and representatives of non-profit organisations.

The report is scheduled for discussion and adoption at the 64th plenary meeting of MONEYVAL in December 2022.