Monaco has intensified its efforts against financial crime, imposing sanctions on 38 companies between 2022 and 2024, according to a report released by the princely government on August 5, 2024. These penalties, totaling €1.42 million, were levied for violations of laws and regulations designed to combat money laundering, terrorist financing, and corruption.
The sanctions, issued by the Minister of State, include 15 warnings, 18 reprimands, and 22 financial penalties. The fines were distributed across various sectors: €280,000 targeted the financial sector, €406,500 was imposed on the real estate sector, and €738,000 affected non-financial sectors excluding real estate.
In addition to the financial penalties, the report also revealed that in 2023, a temporary suspension of a company’s license to operate for six months was issued, albeit with a suspended sentence. However, the government did not disclose the name of the company or its industry.
This crackdown underscores Monaco's commitment to upholding its stringent financial regulations in the face of increasing scrutiny and international pressure to curb financial crimes within its jurisdiction.