6. Other relevant matters

a. Anti-money laundering rules

Since 1993, stringent anti-money laundering legislation applies in the Principality and in 2002 the enforcement of the International Convention for the Suppression of the Financing of Terrorism extended the Monegasque legislation to cover terrorist financing.

The Monaco regulations are set out in Law 1,362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption and in Ordinance 2,318 implementing the Law.

The Monegasque regulations require a risk-based approach for due diligence and client identification procedures. A compliance officer must be appointed and internal control procedures implemented to ensure compliance and, also, appropriate training on potential suspicious transactions must be provided for all relevant staff.

All transactions relating to sums that are suspected to come from drug trafficking or from organised criminal activities must be reported to the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN – Financial Channels Information and Control Unit).

The SICCFIN is a specialist government unit responsible for finding, gathering, processing and circulating information about money laundering circuits. It is in charge of monitoring compliance with the anti-money laundering legislation by a wide range of professionals (financial and non-financial entities) inter alia by conducting on site investigations. Its staff are commissioned and sworn government employees.


Article Search

© 2012 Society of Trust & Estate Practitioners