Monaco Takes Money Laundering To Task

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Set up in Monaco in 2009, the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN) is a central national authority specialized in combating money laundering, terrorist financing and corruption.

Director Michel Hunault, who was part of a delegation at the Egmont Group Working Group meetings held in Mauritius end of January, will host a conference in Monaco May 28-29, it was just announced.

The financial task force is responsible for receiving and processing declarations of suspicion sent to it by professionals subject to this legal provision. As such, SICCFIN rolled out goAML software last year to provide banks in Monaco the possibility of sending questionable transaction reports to them using an electronic form.

The organization has signed bilateral administrative cooperation agreements with around 30 foreign counterparts, including, in April 2019, a reciprocal Memorandum of Understanding with FINMA in Switzerland. This enables and facilitates a cross-border exchange of banking supervision information, as well as providing for the possibility for FINMA and SICCFIN agents when a parent company is established in Switzerland or Monaco to carry out on-the-spot checks of its subsidiaries or branches located in the other country