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SICCFIN at the service of the Monaco Government

SICCFIN at the service of the Monaco Government

 

In November 2008, the meeting of experts on money laundering and terrorist financing typologies was held in the Principality of Monaco, organised jointly by the FATF and the Moneyval Committee of the Council of Europe. The organization of such an event in the Principality, for the first time, demonstrated the confidence shown by these two international and European bodies. The opening speech of H.S.H. Prince Albert shows the attention he pays to the training and awareness work of the Service D'Information et de Contrôle sur les Circuits Financiers.

 

Opening speech of HSH Prince Albert II:

 

"Mr. Minister,

Dear Presidents,

Mr. Director of the Judicial Services,

Mr. Government Counselor,

Madam Director of SICCFIN,

Ladies and Gentlemen,

Dear friends,

 

Allow me first of all to say how pleased I am to welcome your meeting in Monaco today.

I would particularly like to welcome Mr. Antonio Gustavo RODRIGUES and Mr. Vasil KIROV whose presence among us underlines the importance of this international event.

 The fight against money laundering, and the financing of terrorism that it allows, are priorities for me. In an eminently sensitive area, which legitimately focuses everyone's attention, I know that Monaco, as well as all its partners, must be irreproachable. For I never forget that these issues go beyond mere financial questions. This is why I wanted this meeting to take place here in Monaco, as an extension of the significant efforts made by my Government in this area. I am not going to recount now all the measures taken in the framework of this proactive policy.

 I would nevertheless like to remind you that recent legislative and regulatory changes have enabled Monaco to move towards satisfying all the recommendations of the various competent international organizations.

These adjustments complement the meticulous attention of the Monegasque authorities to the transparency of the financial markets, attention which is reflected in a very close supervision of the Monegasque financial market.

The Service d'Information et de Contrôle sur les Circuits Financiers, in charge of this supervision in Monaco, carries out awareness-raising and continuous training missions for the professionals concerned and actively participates in the work of the Moneyval Committee of the Council of Europe, as well as in the Egmont Group meetings.

 This very broad involvement of the Monegasque authorities, including the judicial authorities through mutual legal assistance in criminal matters and the execution of international letters rogatory, in all aspects of the fight against money laundering and terrorist financing is for me a priority commitment: I am today pleased to note that our efforts have been recognized by the Moneyval Committee of the Council of Europe, which noted in its evaluation report of last December that "the Principality has a satisfactory legal framework" in this area.

 Therefore, I was very surprised to read yesterday, in a major daily newspaper, unacceptable statements according to which, in Monaco, "investigations are bogged down" and that "money laundering is still taking place". This is not true because, as has been repeated many times, Monaco is not a legal heaven.

The Moneyval Committee is an irreplaceable player in the fight against money laundering on our continent.

In a field as complex, as fluid and as transversal as this one, we know that the main difficulty is not the individual action of the States, but the capacity of all the actors concerned to collaborate closely and rapidly.

 This is why the multilateral tools in place today, starting with the FATF, must be reinforced in their action. And this is why meetings such as today's are essential, in particular because of the links they allow to consolidate, exchanges of information or indispensable human contacts.

 

Ladies and Gentlemen,

We know the incredible plasticity of laundering networks. We know their capacity to adapt permanently and immediately. We know their ability to ignore borders and bypass obstacles.

Our challenge today is to counter them with similar qualities. This implies that we must be responsive and cooperate without fail. It also implies, and perhaps first of all, to seek to know better the situation of those we want to fight.

 This meeting will therefore be an opportunity for you, the experts, to exchange experiences and analyses on the methods and vectors of money laundering, as well as on the most effective ways to detect them and to provide an appropriate response.

 From your exchanges, I hope that it will be possible to contribute to drawing the outlines of a harmonization of the systems put in place in each country, a prerequisite to a reinforced international cooperation.

The typologies that you are about to draw up will have a direct influence on the capacity of States to react to threats which, I remind you, primarily concern individuals, often the most vulnerable.

I know that these typologies cover a huge field, from investment products to sports, including the use of Money Service Businesses.

But I also know that you will tackle them with determination and talent, and above all with the certainty of acting for the good, at a time when more and more risks threaten the inhabitants of all our countries.

It is therefore on their behalf that I would like to thank you today, confident that your work today will translate into progress and security for them.

I thank you in advance.

Service d'Information et de Contrôle sur les Circuits Financiers
13 rue Emile de Loth 
98000 MONACO

Phone number : (+377) 98 98 42 22
Fax number : (+377) 98 98 42 24
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