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

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2008. "Monaco: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism," IMF Staff Country Reports 2008/224, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2008/224
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