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July 2008

IMF Country Report No. 08/224

Monaco: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

This Report on the Observance of Standards and Codes on the FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism for Monaco was prepared by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), a FATF-style regional body, using the assessment methodology adopted by the Financial Action Task Force in February 2004. The views expressed in this document, as well as in the full assessment report, are those of MONEYVAL and do not necessarily reflect the views of the Government of Monaco or the Executive Board of the IMF.

A copy of the full assessment report can be found on the website of MONEYVAL at www.coe.int/moneyval.

Copies of this report are available to the public from

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Strasbourg, 23 May 2008

MONEYVAL (2007) 28 SUMM

EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDCP)

COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL)

PRINCIPALITY OF MONACO

REPORT OF THE OBSERVANCE OF STANDARDS AND CODES 1

ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM

Memorandum

prepared by the Secretariat

Directorate General of Human Rights and Legal Affairs

ABBREVIATIONS

AMB

Association Monégasque des Banques

AML/CFT

Anti-Money Laundering and Combating the Financing of Terrorism

CDD

Customer Due Diligence

CSP

Company Service Provider

DNFBP

Designated Non-Financial Businesses and Professions

EU

European Union

FATF

Financial Action Task Force

FIU

Financial Intelligence Unit

FT

Financing of Terrorism

ML

Money Laundering

MLA

Mutual Legal Assistance

NCCT

Non-Cooperative Countries and Territories

NPO

Non for Profit Organization

OECD

Organization for Economic Co-operation and Development

OS

Ordonance Souveraine

PEP

Politically Exposed Person

ROSC

Report on the Observance of Standards and Codes

SBM

Société des Bains de Mer

SFE

Société Financière et d’Encaissement

SICCFIN

Service d’Information et de Contrôle sur les Circuits Financiers

SR

Special Recommendation

STR

Suspicious Transaction Report

UNSC

United Nations Security Council

Monaco: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
Author: International Monetary Fund