Law No 972 on money laundering

 June 6, 2018

Money Laundering


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The directive 2015/849 of May 20th, 2015, called 4th anti-money laundering directive has been integrated, by sovereign order No. 5.713 of February 8th, 2016, in the Appendix B of the Monetary Agreement concluded by Monaco and the European Union of November 29th, 2011.

As such, the Principality of Monaco is required to adopt equivalent measures to those of the 4th Directive. It is, in this context, that the draft Bill No. 972 of October 24th, 2017 has been published.

Last week Thomas Brezzo has been appointed to report back to the National Council on Draft Law No 972, which strengthens the fight against money laundering, the financing of terrorism and corruption.

This project strengthens the anti-money laundering mechanism by amending (i) the previous Monegasque AML regulation, (ii) the Bill No. 56 on the foundations, (iii) the Bill No. 214 on the trusts, the (iv) Bill No. 1.355 on the associations and associations’ federations and finally (v) the criminal code.

“As a reminder, the Principality of Monaco committed to “transpose” equivalent measures to the 4th anti-money laundering directive before June 30th, 2017.” – states Olivier Marquet

Further resources: cms.law


 

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