Monte-Carlo Inspiration

But banks aren’t the only ones concerned by economic crime risks.

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Financial institutions’ compliance has indeed been strengthened, and this movement continues with other justified sectors of the economy and commerce. Indeed, other sectors, due to their size, are less favoured because they are less equipped to do so. I’m particularly thinking of sectors like yachting, jewellery, luxury vehicle trade, etc. I understand it can sometimes be difficult to subject wealthy clientele to hassles to know the origin of funds used to purchase valuable goods. But I also know that the vast majority of clients understand and comply with it today. In any case, this is also one of the efforts to be continued in these sectors, and the government is actively working on this too, in connection with the concerned professions to strengthen the detection of suspicious behaviour and procedures to be implemented.

Banking and finance banques et finance

What efforts remain to be made?

Action also continues to provide ourselves with the means to be more effective in fighting money laundering and terrorism financing. More effective in prevention, detection, investigations, and in punishing proven cases. This is part of the mission statement the Sovereign gave me upon my arrival in Monaco.

©Ed Wright

Samuel Vuelta-Simon, Secretary of State for Justice of the Principality of Monaco Samuel Vuelta-Simon, secrétaire d’Etat à la Justice de la Principauté de Monaco

Is the creation of a financial prosecutor’s office a decisive step?

Regarding investigations, it is now necessary to rely on a specialized section within the public prosecutor’s office that will concentrate its energy and action on this particular type of crime. Legislative means are not enough; we must also try regarding human resources in financial administrations, tax services, police, and justice of course. This project should be launched during 2025.

How do you explain a form of mistrust when Monaco strives to meet the highest international standards? A change in focus has led the international community to be much more demanding nine years later, evaluating countries not only on their compliance but on the effectiveness of their internal systems. Furthermore, it was considered that Monaco presented a serious risk in terms of money laundering and that the numbers of prosecutions and convictions were not commensurate with this risk. Then, my intuition is that peaceful and prosperous economic and social models make us forget the dangers. Unconsciously, since the 2013 evaluation, there may have been a relaxation in effort, even as financial flows increase exponentially and criminal organizations and fraudsters seek better ways to evade state surveillance bodies, and while international law and Council of Europe member states’ laws have continued to evolve. Of course, it’s not about convicting without wrongful behaviour. But we must increase controls and verification through administrative or judicial investigations. This is already the case in Monaco for the Monégasque justice system where, of the 1,600 complaints and reports received by the public prosecutor’s office in 2024, 80 were related to complex money laundering or economic and financial crime cases. This represents about 5% of cases. Investigations are therefore ongoing, and convictions have already been handed down. Undoubtedly regarding conformity. And the latest Moneyval follow-up report from last December attests to this, considering that among the 16 recommendations that were made, 15 have been satisfied. I believe the vast majority of economic and financial actors are now aware of the challenges and the need to continue this beneficial change and are working towards this. The financial and banking sector has implemented appropriate systems and is perfectly informed of the efforts that must be continued. Are there more money laundering cases in court today? Has financial institutions’ compliance been recently strengthened?

“the Law must always continue to support the evolution of our system”

How has the legislative framework evolved?

Several important texts have already been introduced to improve the prosecution of money laundering and related offenses, others to facilitate the preventive seizure of criminal assets and their confiscation. For these purposes, the Criminal Assets Management Service (SGA) was created in December 2022 and has begun managing several millions in seized criminal assets, for Monégasque justice or those of other countries. Because the Law must always continue to support the evolution of our system. On the judicial front, several legislative or regulatory projects are already in institutional channels, to, for example, simplify procedures and give more investigative possibilities to Monaco’s public prosecutor’s office and judicial police, etc. On the international front, this dynamic continues with projects to sign, ratify, or lift reservations on certain international Council of Europe conventions. Police services involved in financial and money laundering investigations will gain in training and therefore in competence. The Monégasque Institute for Judicial Professions Training (IMFPJ), created in April 2021, regularly offers specialized training on these themes to all actors in the criminal justice chain. More than 650 professionals were trained in 2024, and already 800 places are open for 2025 in various continuing education activities. ■ Are the competencies really there?