Time is running out for Monaco to pass all the necessary legislation to satisfy Moneyval inspectors that the Principality is taking all necessary steps against money laundering and in favour of financial transparency.

The latest bill before the National Council involves significantly improving procedural times, strengthening judicial control, extending the jurisdiction of the Principality’s courts in matters relating to money laundering, strengthening the powers of the authorities in terms of requisitions, undercover operations and improving the execution of court decisions.

The National Council has repeated its demands that the Government publish draft legislation in good time, to allow the elected body the time to debate its provisions.

Brigitte Boccone-Pagès, President of the National Council, warned last week: “it will not be possible for the National Council, while the budgetary debates are looming, to vote on this bill before the end of the present session, the last public legislative session being scheduled in less than ten days, on December 7.”

Voting on the text will inevitable be postponed until the early part of next year.

FILE PHOTO: The National Council in session