On 29 June 2023, a unanimous vote passed the bill no. 1.077, which marks Monaco's dedicated and unwavering stand in combatting money laundering, terrorist financing, and the proliferation of weapons of mass destruction - Part I. This significant and extensive legislation comprises approximately 130 provisions.
Despite its voluminous content, the bill was established and reviewed in record time to comply with the recommendations put forward by the Moneyval Committee. It further underlines Monaco's steadfast commitment to meeting the highest international standards in the fight against money laundering.
A key provision within the bill no. 1.077 is the transformation of the Information and Control Service on Financial Circuits (S.I.C.C.FIN.) into an independent administrative authority called the "Monegasque Financial Security Authority". This autonomous body, equipped with adequate resources and means, will have three functions: financial intelligence, supervision, and the examination and imposition of sanctions.
The Government expresses its appreciation to the National Council for its cooperation on the matter. The vote stands as a continuation of numerous measures already undertaken, with more to come. In the near future, other legislative proposals, notably bill no. 1.078 - Part II, are set for voting.
Monaco treats the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction as an absolute priority. The nation ensures that all public and private stakeholders are fully engaged daily towards achieving this goal.