This article examines the economic and social consequences observed in several countries that have been placed on the “grey list” drawn up by the FATF. At a time when the possibility of the Principality being placed on the “grey list” is high on the agenda, it is essential to examine what this classification actually means … Read more
Our new online training course on AML/CFT for real estate professionals is now available on our online platform: www.learning.phoenix.mc For whom is it designed? This training course is designed primarily for real estate professionals (sales teams, compliance teams, management). What can you expect? The risks to which real estate professionals are exposed Obligations towards … Read more
We are pleased to announce that FEDEM, in agreement with the Monaco Government, has approved the AML/CFT training courses offered by Phoenix Consulting Monaco, to help you meet your legal obligations in the fight against money laundering, the financing of terrorism, corruption and the proliferation of weapons of mass destruction. An exclusive offer As part … Read more
Law no. 1.549 of July 6, 2023 adapting AML/CFT-P legislation was published in the Journal de Monaco on July 14, 2023. It mainly amends law n° 1.362 of August 3, 2009 on LCB/FT-P-C. This text was adopted by the National Council on July 6, 2023. It is Part I of a legislative reform aimed at … Read more
Ministerial Order no. 2023-413 of July 7, 2023, published in Monaco’s Journal de Monaco on July 14, 2023, updates the list of states or territories whose anti-money laundering, terrorist financing or corruption system have strategic deficiencies. This publication amends Ministerial Order no. 2021-703 of November 8, 2021. As a reminder, the obligations relating to HRST … Read more
On June 8, 2023, the OECD published a new reporting framework for crypto-assets, as well as an update of the Common Reporting Standard (CRS) and its commentaries. These changes have not yet been transposed into Monegasque law, but may soon modify the Monegasque legal framework, in particular Ordinance no. 6.208. In order to anticipate these … Read more
This article was published in the magazine “Monaco Economie” – n°125 “Phoenix Consulting Monaco, a leading consultancy firm in the Principality, finds most of the time that the notions of Blockchain and Cryptocurrencies are directly associated with distrust or even mistrust. Indeed, between often negative and spectacular news, regulation in genesis and difficulty in the … Read more
On January 10, the OECD published the Automatic Exchange of Information (AEoII/CRS) peer review report in which Monaco’s assessment appears. The report shows a good level of compliance and effectiveness in Monaco, even if improvements remain to be implemented: The “Direction des Services Fiscaux” in Monaco is currently carrying out in-depth documentary controls with Monegasque … Read more
Ministerial Order no. 2023-150 of March 14, 2023, published in Monaco’s Journal de Monaco on March 17, 2023, updates the list of states or territories whose anti-money laundering, terrorist financing or corruption system have strategic deficiencies. This publication amends Ministerial Order no. 2021-703 of November 8, 2021. As a reminder, the obligations linked to HRST … Read more
Two new jurisdictions subject to 2023 reporting requirements for 2022 Ministerial Decree no. 2022-729 of December 21, 2022, published in the Journal de Monaco of December 30, 2022, adds two countries to the list of jurisdictions subject to reporting in Monaco: Jamaica and Peru. These countries will be subject to CRS reporting from 2023 onwards, … Read more
