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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)


Money Pours Into Monaco Banks

A Roger Munns wrote the day before yesterday, Monaco and Andorra - Europe's top two tax havens - are seeing an influx of funds to their banks, despite governments worldwide actively trying to stop their citizens using tax havens to bank their money.

Know more

08:00 Posted in Monaco | Permalink | Comments (0)


Monte Carlo or busted

Vanessa Houlder last 27 October published an interesting article in the Financial Times.

Read article

07:50 Posted in Monaco | Permalink | Comments (1)