Two former bankers from Monaco were convicted and sentenced on Tuesday, October 8 for their role in laundering millions of euros brought into the principality by two Italian businessmen, Fabrizio Amore and Maurizio Fratti. The pair had regularly delivered large bags of cash to the bankers during their visits to Monaco.

Alexandre Balga, previously employed at Banque Havilland, and Nicolas Gelso, formerly of CMB Monaco, received suspended jail sentences of up to six months and were fined 10,000 euros each, according to a report by Bloomberg. The prosecution of the Monaco bankers had been a high profile issue for more than a year.

Amore and Fratti, the Italian businessmen implicated in the scheme, were sentenced to one year in prison, with six months suspended, and were each fined 500,000 euros. The large cash deposits had raised concerns of potential money laundering, prompting the investigation that ultimately led to their convictions.

This case comes at a critical time for Monaco, as the principality seeks to strengthen its anti-money laundering measures following its addition to an international “grey list” in June due to its low number of financial crime convictions. In response, Monaco has enacted new laws to demonstrate its commitment to cracking down on illicit financial activities.

In a related part of the case, three other bankers were fined between 5,000 euros and 7,000 euros for failing to report the suspicious cash deposits, including two former employees of Edmond de Rothschild. However, Patrick Dauguet, the CEO of Havilland Monaco and the highest-profile banker involved, was acquitted of all charges. None of the banks implicated in the scandal faced any accusations.

Lawyers for Amore and Gelso have announced their intentions to appeal the verdict, while the attorneys for the other defendants have not yet commented on the case.