The Principality has ramped up its fight against money laundering, terrorist financing, and corruption following the visit from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) from February 21 to March 4, 2022.
The Minister of State, acting on the recommendations of the Control Report Review Commission (CERC), has imposed sanctions on 38 companies for various breaches of legal and regulatory provisions in this domain. A total of 56 sanctions have been issued over the past three years.
In 2022, 12 companies were sanctioned, with 6 warnings, 4 reprimands, and 6 financial penalties imposed. In 2023, 17 companies faced sanctions, with 5 warnings, 10 reprimands, 12 financial penalties, and 1 temporary withdrawal of authorization to practice for six months (suspended). In 2024, 9 companies were sanctioned, with 4 warnings, 4 reprimands, and 4 financial penalties imposed.
The total financial sanctions now amount to 1,424,500 euros. In 2022, 173,000 euros was distributed across sectors, including 30,000 euros for the financial sector, 23,000 euros for the real estate sector, and 120,000 euros for the non-financial sector (other than real estate). In 2023, the amount rose to 1,013,500 euros, with 50,000 euros for the financial sector, 383,500 euros for the real estate sector, and 580,000 euros for the non-financial sector. In 2024, 238,000 euros was imposed, with 200,000 euros for the financial sector and 38,000 euros for the non-financial sector.
