Monaco’s Minister of State leads first meeting on enhanced anti-money laundering strategy

The Minister of State, Didier Guillaume presided over his first meeting of the Coordination and Monitoring Committee for Monaco’s national strategy against money laundering, terrorist financing, the proliferation of weapons of mass destruction, and corruption on Friday, September 20. This meeting marked the first participation of Samuel Vuelta Simon, Lionel Beffre, and Eric Arella in the committee’s first session.

Surrounded by numerous officials, Didier Guillaume, the Minister of State, expressed his gratitude to all involved for the significant progress made since the adoption of the mutual evaluation report by the MONEYVAL Committee in December 2022. He highlighted several key developments, including rapid legislative and regulatory reforms, the creation and implementation of a comprehensive national strategy, enhanced cooperation both nationally and internationally, the establishment of new authorities such as the AMSF (Monaco’s Financial Supervisory Authority) and the Asset Management Service for Seized or Confiscated Assets, and an increase in money laundering investigations aligned with Monaco’s risk profile and financial transparency improvements.

These advancements underscore the national priority of combating money laundering, terrorist financing, and the proliferation of weapons, reflecting the shared commitment of Monaco’s authorities to protect the integrity of the Principality’s economic and financial systems, in line with the directives consistently emphasised by HSH Prince Albert since his accession in 2005.

During the session, the committee unanimously approved the mandate of the newly established Permanent Secretariat, which will serve as the technical, administrative, and operational body of the committee. This interministerial unit is responsible for coordinating the implementation of the National Strategy, ensuring cross-sector collaboration, and monitoring progress.

Minister Guillaume also reminded attendees of the requirements set forth by the Financial Action Task Force (FATF) Action Plan, emphasising the 18-month timeframe to achieve the outlined objectives. He called for continued engagement and dedication from all executive actors involved.