A tripartite agreement on cooperation, coordination and exchange of information in the fields of money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction has been agreed between the Attorney General, the Director of Public Security and SICCFIN, the Government announced on Friday, August 11.
This agreement responds to FATF Recommendation No. 2, which requires countries put in place operational mechanisms allowing the units of financial intelligence and law enforcement authorities cooperate, coordinate and exchange information between them for the development and implementation of anti-money laundering activities.
The agreement, by evoking the rights and obligations of the three signatory parties, defines in a very practical and concrete way the relationships that they must maintain between them in order to promote and strengthen the exchange of information.
The provisions of the Code of Criminal Procedure applicable to the preliminary investigation as well as the provisions of Law No. 1.362 of August 3, 2009 relating to the fight against money laundering, terrorist financing and corruption are included, but also the pre-existing good practices between the three authorities, particularly in the urgent processing of certain communications and requests, by setting deadlines for responding to them.
The agreement also provides for an analysis-sharing mechanism allowing the identification of typologies, trends and patterns of money laundering and financing of terrorism. This shared analysis will allow a better understanding of the risks and optimise the criminal response provided by the authorities involved in investigation and prosecution.
ORIGINAL SOURCE: Monaco Government Press Service
FILE PHOTO: Reuters