12/30/2007
AML : assessment of Monaco by MONEYVAL
The summary of the report on the Principality of Monaco was published last 18 December.
According to the report (paragraph 3), "the Principality has a satisfactory legal framework to combat money laundering and terrorist financing" but when reading carefully it appears that if the legal and regulatory frontage is OK, the implementation and enforcement is actually rather limited.
But the center passed the examination. Next assessment will be carried out by the IMF in March 2008 with the same credibility : it is the IMF that stated about Luxembourg in a report dated October 2004 that "Luxembourg has in place a solid criminal legal framework and supervisory system to address the significant challenge of money laundering faced by this important international financial center". There is a big gap between the visible framework and supervisory system (the frontage) and what is actually implemented and enforced (the "back office").
Read MONEYVAL report on Monaco
04:45 Posted in Monaco | Permalink | Comments (0)
AML : assessment of Malta by MONEYVAL
MONEYVAL is a Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism that was established in 1997. This evaluation and peer pressure mechanism reviews the anti-money laundering measures and measures to counter the financing of terrorism in Council of Europe member States (and Council of Europe applicants which apply to join the terms of reference) which are not members of the Financial Action Task Force (FATF).
The 3rd round evaluation report on Malta, as adopted at MONEYVAL’s 24th Plenary meeting (10-14 September 2007) and published late November 2007.
Read MONEYVAL report on Malta
04:40 Posted in Malta | Permalink | Comments (0)