The Government has recently published an update to its Frequently Asked Questions (FAQ) on the automatic exchange of information in tax matters, as well as an updated version of the Practical Guide for Monegasque financial institutions. The FAQ has mainly been modified to provide updated information on the lists of reporting jurisdictions and partners. The … Read more
On Friday June 28, 2024, the Principality of Monaco was placed on the FATF’s “grey list” of jurisdictions under enhanced scrutiny. Since the evaluation report published by the MONEYVAL Committee in January 2023, Monaco has succeeded in improving its system on a number of points, including: Other actions remain to be implemented. A timetable has … Read more
Ministerial Order no. 2023-680 of April 15, 2024, published in Monaco’s Journal de Monaco on April 19, 2024, updates the list of countries or territories whose anti-money laundering, anti-terrorist financing or anti-corruption measures are strategically deficient. This publication amends Ministerial Order no. 2021-703 of November 8, 2021, amended on November 22, 2023. As a reminder, … Read more
Twelve new jurisdictions subject to 2024 reporting requirements for the year 2023 Ministerial Decree no. 2023-776 of December 26, 2023, published in the Journal de Monaco of December 29, 2023, updates the lists of reportable and participating jurisdictions. 1. 12 new reportable jurisdictions The following jurisdictions are now subject to declaration: These countries will be … Read more
Six years after the implementation of Automatic Exchange of Information (AEoI) in Monaco, the processes related to this regulation now appear to be well mastered, both on the side of authorities and Monegasque financial institutions. The latest peer review conducted on Monaco reveals that not only is the legal framework “in place,” but the effectiveness … Read more
Ministerial Order no. 2023-680 of November 22, 2023, published in Monaco’s Journal de Monaco on December 01, 2023, updates the list of countries or territories whose anti-money laundering, anti-terrorist financing or anti-corruption measures are strategically deficient. This publication amends Ministerial Order no. 2023-413 of July 7, 2023. As a reminder, the obligations relating to ETHR … Read more
Ministerial Order n°2023-680 of 22 November 2023, published in the Journal de Monaco on 1 December 2023, updates the list of states or territories whose anti-money laundering, terrorist financing or corruption system have strategic deficiencies. This publication amends the Ministerial Order n°2023-413 of 7 July 2023. As a reminder, the obligations related to HRST are … Read more
Our new AML/CFT online course for professionals in the yachting sector is now available on our online platform: www.learning.phoenix.mc Who is it for ? This course is designed primarily for professionals in the yachting sector (Sales teams, Compliance teams, Management). What can you expect ?
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
