The Principality could find itself on the so-called grey list of countries that do not fully cooperate with other states in the fight against money-laundering and the financing of terrorism.
In order to avoid such an outcome leading figures in Monaco’s financial sector have been meeting to assess the current situation regarding controls in place to deal with these potential problems ahead of a visit by the Council of Europe’s Moneyval due in February.
Returned questionnaires ‘incomplete or unusable’
Louis Danty, who heads the supervision department at Siccfin, Monaco’s specialist financial crimes agency, told a recent meeting that many responses to questionnaires sent to ‘economic players’ were either incomplete or unusable.
The level of risk regarding money laundering in relation to Monaco is considered “moderately high,” Mr Danty told Monaco Matin.
“Taking into account the characteristics of the Monegasque economy, with a large financial sector, great international openness, a very important real estate market and gambling activity, this level of risk is consistent”, Mr Danty told the local French-language daily.
PHOTO: Minister of State Pierre Dartout addresses a meeting on the question of Monaco’s Moneyval inspection Monaco Government Press Service