The Principality of Monaco has escalated its efforts to combat money laundering, terrorist financing, and corruption, a move catalyzed by a visit from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) between February 21 and March 4, 2022.
Following recommendations from the Control Report Review Commission (CERC), the Minister of State has imposed sanctions on 38 companies for various breaches of legal and regulatory provisions within this domain, totaling 56 sanctions over the past three years.
In 2022, Monaco sanctioned 12 companies, issuing 6 warnings, 4 reprimands, and 6 financial penalties. The following year saw 17 companies penalized, with 5 warnings, 10 reprimands, 12 financial penalties, and one temporary withdrawal of authorization to practice for six months, which was suspended. In 2024, 9 companies faced sanctions, receiving 4 warnings, 4 reprimands, and 4 financial penalties.
The cumulative financial sanctions now stand at 1,424,500 euros. In 2022, 173,000 euros in penalties were distributed across various sectors, including 30,000 euros for the financial sector, 23,000 euros for the real estate sector, and 120,000 euros for the non-financial sector (excluding real estate). In 2023, the total amount surged to 1,013,500 euros, with 50,000 euros for the financial sector, 383,500 euros for the real estate sector, and 580,000 euros for the non-financial sector. So far in 2024, 238,000 euros in sanctions have been imposed, with 200,000 euros allocated to the financial sector and 38,000 euros to the non-financial sector.
This aggressive stance underscores Monaco's commitment to maintaining stringent oversight and regulatory compliance in its financial and business sectors, ensuring that illicit activities are met with decisive action.