IMF Staff Country Reports

Monaco: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Publication Date:

July 9, 2008

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

This report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in the Principality of Monaco. The Principality has a satisfactory legal framework to combat money laundering and terrorist financing though, in general, the legal provisions are not detailed or otherwise supplemented by detailed secondary legislation and instructions. The 2003 money laundering offence’s restrictive terms hindered prosecutions, and thus the results in terms of convictions for money laundering remained disappointing.

Series:

Country Report No. 2008/224

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Internal controls Legal support in revenue administration Money laundering Revenue administration Terrorism financing