Speaking to the Monaco press on Wednesday, Minister of State Pierre Dartout said that the visit by the Paris-based Financial Action Task Force (FATF), between May and June is one of the challenges faced by the Principality in 2024. Almost in parallel, the Council of Europe’s Moneyval committee will make a further report on Monaco’s ability to fight money-laundering and the financing of terrorism.
A ‘fail’ mark from Moneyval would risk placing Monaco on a list of grey jurisdictions. This would subsequently have a negative impact on the Principality’s institutions’ ability to participate in international trade and finance.
Also coming to Monaco to check on progress will be a delegation from GRECO, which focusses on corruption and is also an arm of the Council of Europe.
No direct reference was made to the recent arrest of Monaco Mayor Georges Marsan on corruption charges, an event that sent shockwaves through the Principality. However, Minister of State Dartout said that certain ethics must be respected. In this regard, every Government minister must make a declaration of assets and interests.
The Government has taken fairly strict measures, as desired by the Sovereign, particularly concerning the ethics that we must all respect, Mr Dartout said.
PHOTO: Minister of the Interior Patrice Cellario (left) listens to the address of Minister of State Pierre Dartout Ian Brodie