Monaco Expected to be FATF GREY LISTED on June 28
25/06/2024
In recent days, a few news channels [news extract and sources are below] have reported that Monaco is EXPECTED* to be FATF GREY LISTED and a Decision likely on June 28
The immediate impact of such an event is:-
- Any legal exceptions for simplified due diligence under the MLJO articles 17 and 18 disappear.
- Supervised firms would adjust their client risk assessment [CRA] scores, and
- Consider risk appetite and strategy statements.
It is important to note that:-
- *no official statement on a final decision has reportedly been taken regarding Monaco’s inclusion on the grey list.
All that is know is what Bloomberg news agency reported on Friday.
- Monaco faces the risk of being included on an international ‘grey list’ of nations not doing enough to combat money laundering and terrorist financing,
- The principality, home to the highest concentration of millionaires and billionaires globally, is reportedly making insufficient progress against illicit financial flows.
- Despite some progress, sources suggest Monaco is still lagging since it was reprimanded by European inspectors at the end of 2022 for its ineffectiveness in combating money laundering.
- Inclusion on this list could have a negative impact on Monaco’s economy.
- International Monetary Fund (IMF) research shows that countries on the grey list suffer a ‘significant statistical decrease in capital inflows.’ That would pose a threat to Monaco’s significant banking sector.
Sources
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.