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LATEST: Monaco – home to world’s wealthiest, famous casinos and banks – receives scathing Council of Europe report on its ability to fight money laundering and terror financing

MONACO: MONEYVAL said today major improvements are needed do enhance the Principality’s effectiveness in international cooperation. Monaco generally seeks the co-operation of its counterparts, although not entirely in line with the risk and context of the jurisdiction.


THE TINY PRINCIPALITY of Monaco today recieved a withering evaluation of its ability to fight financial crime from the Council of Europe’s AML/CFT supervisor, MONEYVAL.

Fault is found in practically every basic tenet required of a robust AML and CFT regime from Beneficial Ownership, to STRs, staffing and the criminal justice system. Starkly, it is one of the worst assessments of recent times for a country with an advanced banking and financial system.

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