may be obtained by court order.
The assessments carried out reflect the potential risks faced by the jurisdiction and the relative macroeconomic significance of the sectors. Hence, AML-related principles of the Basel Core Principles for Effective Banking Supervision were assessed, and the AML/CFT assessment of non-prudentially regulated institutions covered both CSPs and gamingestablishments. In addition, the supervision of portfolio management and mutual funds was assessed relative to the IOSCO Objectives and Principles of Securities Regulation.
This review of the financial sector regulation and supervision in Monaco in the context of the offshore Financial center assessment program contains technical advice and recommendations given by the IMF in response to the authorities of Monaco’s request for technical assistance. It assesses the antimoney laundering and combating the financing of terrorism (AML/CFT) regime based on the Draft IMF and Bank AML/CFT Methodology. It also evaluates the regulation of portfolio management and mutual funds relative to the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation.
the Monegasque authorities are responsible. The AML/CFT assessment was made under the Fund/Bank April 2002 Methodology and covered banks, security intermediaries, company and trusts service providers, and gamingestablishments. Inclusion of the latter was dictated by the macroeconomic implications of the reputational risk to which the jurisdiction could be exposed by the gaming sector, especially in view of the identification made between casino and jurisdiction. The regulation and oversight of portfolio management and mutual funds were also assessed.
Institutional AML/CFT Elements
2.2. Detailed Assessment of AML/CFT Core Criteria for Prudentially-regulated
2.3. Detailed Assessment of AML/CFT Sector-Specific Criteria for the Banking Sector
2.4. Detailed Assessment of AML/CFT Sector-Specific Criteria for Securities Regulation.
2.5. Detailed Assessment of AML/CFT Elements for Other Service Providers—CSPs
2.6. Detailed Assessment of AML/CFT Elements for Other Service Providers—GamingEstablishments
2.7. Summary of Compliance
2.8. Recommended Action Plan
3.1. Detailed Assessment of Observance of the IOSCO
The detailed assessments of the Offshore Financial Center Assessment of Monaco reviews the assessments of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) related principles of the Basel Core Principles for Effective Bank Supervision, of the AML/CFT regime based on the Bank/IMF Draft Methodology, and of securities regulation on the basis of the International Organization of Securities Commissions Objectives (IOSCO) and Principles of Securities Regulation.
must make their reports to the Principal State Prosecutor (Article 19 of the AML Law). Gamingestablishments are subject to similar reporting requirements (Article 25 of the AML Law), and make their reports to SICCFIN. Managers and employees of reporting entities who report suspicious transactions in good faith are immune from civil liability, and so are the entities themselves (Article 7 of the AML Law). Managers and employees of reporting entities who knowingly inform the owner of an account or who divulges information concerning action taken on the basis of a
tendering process for Gamingestablishments to ensure that protections against the involvement of criminal associates is strong enough.
Improved feedback to the DNFBPs should be part of ongoing awareness-raising and education efforts.
Issue guidance on CFT for DNFBPs.
Increase the resources available for supervision of non self-regulated DNFBPs.
5. Legal Persons and Arrangements & Nonprofit Organizations
Nonprofit organizations (SR.VIII)
The authorities need to conduct a review of the sector in order to be fully compliant with the FATF
defined an AML/CFT supervisory strategy and does not have a clear perspective on the varying levels of risk across the different financial institutions and their lines of business. The department’s staff has had varying degrees of basic training relevant to AML supervision but is in need of a more systematic and focused program of training in this regard.
Preventive Measures—Designated Non-Financial Businesses and Professions
12. AML obligations are extended to individuals or corporations engaged in the operations of gamingestablishments, real estate or
This report examines Hungary’s Observance of Standards and Codes on the Financial Action Task Force (FATF) recommendations for Anti-Money Laundering (AML) and Combating the Financing of Terrorism. Hungary has a substantial AML legal and institutional framework for combating money laundering (ML), including preventive measures for a wide range of service providers and law enforcement measures. The ML offense, while it addresses self-laundering, covers only using the proceeds of crime in the business activity of the perpetrator or in a bank or financial transaction.
This report focuses on the Observance of Standards and Codes for the Financial Action Task Force 40 (FATF) recommendations for antimoney laundering (AML) and nine special recommendations for combating the financing of terrorism (CFT) in Cape Verde. The assessment reveals that Cape Verde has taken a number of measures to establish an AML framework but is less advanced with initiatives to establish an effective CFT regime. There is scope for strengthening the framework for the criminalization of money laundering and a clear need to criminalize the financing of terrorism.