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Europe > Monaco

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Cover 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
International Monetary Fund
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.
Keywords:
ISCR; CR; Monégasque authorities; law enforcement authority; confiscation regime; competent authorities; Monégasque authority; due diligence; registration authority; prosecution authority; Monégasque confiscation regime; client institution; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Legal support in revenue administration; Terrorism financing; Internal controls; Northern Europe; Global
Cover IMF Staff Country Reports
Monaco: Assessment of Financial Sector Supervision and Regulation
International Monetary Fund
This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation (FSSR) for Monaco. Since the 2002 Offshore Financial Center assessment, the Principality of Monaco has taken important steps to further strengthen an already comprehensive legal framework, supervisory structure, and practices supporting a well-regulated environment. Nonetheless, given Monaco’s ambition to develop into a fully-fledged financial center, there is a case for intensifying ongoing efforts to comply with international best practices, in particular regarding the sharing of information with foreign regulatory authorities.
Keywords:
ISCR; CR; firm; Monaco; customer; authority; CCAF; market; market participant; private banking; market operator; Monegasque bank; CCAF meeting; market manipulation; return on equity; insider dealing; market abuse; market condition; lending institution; derivatives exchange; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Financial sector; Nonbank financial institutions; Europe
Cover IMF Staff Country Reports
Monaco: Technical Note on IOSCO Objectives and Principles of Securities Regulation: Update
International Monetary Fund
This Technical Note reviews the International Organization of Securities Commissions’s (IOSCO) Objectives and Principles of Securities Regulation for Monaco. It reveals that overall, there has been progress in implementing the Offshore Financial Center assessment recommendations in most areas of securities regulation, but more needs to be done on key topics. In granting a license to conduct investment activities, the Commission de Contrôle des Activités Financières (Financial Activity Supervisory Commission) considers the professional qualifications of individuals, the company’s systems and controls, and its sources of capital.
Keywords:
ISCR; CR; CCAF member; insider dealing; requesting authority; CCAF wish; mutual fund; sur les circuits financier; Mutual funds; IOSCO Objectives and Principles of Securities Regulations; Europe
Cover IMF Staff Country Reports
Monaco: Assessment of the Supervision and Regulation of the Financial Sector Volume I-Review of Financial Sector Regulation and Supervision
International Monetary Fund
This review of the financial sector regulation and supervision in Monaco in the context of the offshore Financial center assessment program contains technical advice and recommendations given by the IMF in response to the authorities of Monaco’s request for technical assistance. It assesses the antimoney laundering and combating the financing of terrorism (AML/CFT) regime based on the Draft IMF and Bank AML/CFT Methodology. It also evaluates the regulation of portfolio management and mutual funds relative to the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation.
Keywords:
ISCR; CR; mutual fund; portfolio management firm; due diligence; gaming establishment; service providers; management company; CFT regime; Anti-money laundering and combating the financing of terrorism (AML/CFT); Mutual funds; Basel Core Principles; Terrorism financing; Global
Cover IMF Staff Country Reports
Monaco: Assessment of the Supervision and Regulation of the Financial Sector Volume II––Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
The detailed assessments of the Offshore Financial Center Assessment of Monaco reviews the assessments of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) related principles of the Basel Core Principles for Effective Bank Supervision, of the AML/CFT regime based on the Bank/IMF Draft Methodology, and of securities regulation on the basis of the International Organization of Securities Commissions Objectives (IOSCO) and Principles of Securities Regulation.
Keywords:
ISCR; CR; mutual fund; portfolio management firm; AML law; investment firm; due diligence; investment strategy; senior management; financial service; penal code; twenty-eight nonbank portfolio-management company; Anti-money laundering and combating the financing of terrorism (AML/CFT); Mutual funds; Legal support in revenue administration; Money laundering; Global