Monaco Ministry of Finance and Economy outlines further anti-money laundering reforms including legal review and third national risk assessment

The Monaco Ministry of Finance and Economy published an update from the first meeting of the College of the Coordination and Monitoring Committee for the national strategy on anti-money laundering, terrorist financing, financing of the proliferation of weapons of mass destruction and corruption. The meeting, chaired by the Minister of State, reviewed progress since Monaco’s third progress report was adopted at the Financial Action Task Force plenary in February, noted ongoing and forthcoming exchanges on the fourth report, and set priorities for work beyond the immediate objective of leaving the FATF grey list. Priority workstreams include a comprehensive review of the legislative and regulatory framework for anti-money laundering, counter-terrorist financing, counter-proliferation financing and anti-corruption, a third national risk assessment, and regular collection and analysis of statistical data. The update also noted the handover from Pierre-André Chiappori to Frédéric Cottalorda as Minister of Finance and Economy, with continuity in the programme highlighted. These workstreams were presented in the context of Monaco’s future evaluation by MONEYVAL as well as the continuing FATF follow-up process.