The Principality of Monaco strengthens its legal instruments to fight money laundering

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The Principality of Monaco strengthens its legal instruments to fight money laundering.

On 30^th November 2022, in the context of the fifth evaluation cycle of the Principality of Monaco carried out by the MONEYVAL Committee, the National Council adopted :

– Law No. 1.535 on the seizure and confiscation of instrumentalities and proceeds of crime, which has two objectives:

on the one hand, within the framework of the Monetary Agreement concluded by the Principality of Monaco with the European Union on 29^th November 2011, it transposes into domestic law the provisions of Directive 2014/42/EU of the European Parliament and of the Council of 3^rd April 2014 on the freezing and confiscation of instrumentalities and the proceeds of crime in the European Union; and

on the other hand, it responds to the observations of the MONEYVAL Committee and the FATF recommendations, concerning the anti-money laundering and countering the financing of terrorism system implemented in Monaco.

– Law No. 1.536 amending Title XI of Book IV of the Code of Criminal Procedure relating to international judicial assistance, which is intended to :

to formalize the procedure for requesting international judicial assistance;

to clarify the treatment of foreign requests issued for political purposes or that do not comply with the procedural principles laid down by the European Convention for the Protection of Human Rights and Fundamental Freedoms of 4 November 1950; and

to regulate seizure measures taken pursuant to a request for international legal assistance.

– Law No. 1.537 supplementing Law No. 1.362 of 3^rd August 2009 on the fight against money laundering, terrorist financing and corruption, which specifies, on the recommendation of the MONEYVAL Committee, that professionals carrying out a domiciliation activity are subject to the legal provisions on the fight against money laundering, terrorist financing and corruption

These new legal provisions, which came into force on 17^th December 2022, represent a further step forward in the control of anti-money laundering and reflect the Principality of Monaco’s desire to meet the highest international standards.

GORDON S. BLAIR has proven expertise in the implementation of compliance monitoring procedures and is available to assist its clients in these matters.

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