Monaco continues its fight against money laundering

Monaco’s Police Department and the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN) signed an agreement on Thursday 8 April to strengthen their cooperation in the fight against money laundering and financing terrorism.

The law n° 1.362 in Monaco, which allows for the cooperation and exchange of data between the different parties involved in the fight against money laundering, financing of terrorism and corruption, has recently been modified. All information and documents from national authorities must be sent to SICCFIN, so that it can complete its mission. In return, SICCFIN is also able to communicate any information or documents, relevant to this law, to those same national authorities, should the data be of help to their missions. Strengthening these lines of communication is something that is being encouraged on an international level too.

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In 2019, Monaco and Switzerland agreed to a protocol enabling them to work together more closely to combat money laundering: out-of-control cash flows that in some cases are funding criminal activities.

Effective cooperation to end the financing of terrorism

Every year, there are almost 400 requests and exchanges of information addressed to Monaco’s Police Department. In response to this, SICCFIN and the Police Department intend to work together and cooperate more efficiently and on a permanent basis. As well as this, they signed an agreement on Thursday 8 April, in order to strengthen their cooperation, particularly with regards to the Principality’s international commitments.