Jean Castellini, Minister of Finance and the Economy, Robert Gelli, Secretary of State for Justice and Director of Judicial Services, as well as many directors and representatives of Monaco services took part in fruitful discussions with representatives of the Executive Secretariat of MONEYVAL on December 9 and 10, 2020.
The discussions took place ahead of the scheduled evaluation of the Principality’s anti-money laundering and financing of terrorism systems, due in December 2021.
SICCFIN, the Monegasque Financial Intelligence Unit, which is responsible for coordinating the Principality’s preparation for the visit of the evaluators in December 2021, was represented by its Director, Michel Hunault.
Due to the coronavirus health crisis, discussions were held by videoconference. The Executive Secretary of Moneyval, Igor Nebyvaev and his team explained the FATF methodology, the rating requirements and the assessment procedures. The evaluation will take the form of a peer review and is considered to be very important for the Principality and for its economy.
The object of the exercise is to verify the effective application of the 40 recommendations of the Financial Action Task Force (FATF) in the context of Law No. 1.362 of 3 August 2009 and of the public sector in the fight against organised crime.
A third day of training, face-to-face in Monaco, should take place in early February 2021, if the pandemic allows it.
PHOTO: Michel Hunault, Director of SICCFIN, head of the Monegasque delegation to the Moneyval, with his team and Igor Nebyvaev, Executive Secretary of the Moneyval committee, with speakers on the video screen