On 15 June, the MONEYVAL Secretariat General continued its fifth evaluation round of the Principality of Monaco with a training session on the evaluation process aimed at the authorities and regulated organisations.
This second training session (the first having been held in December 2020) delivered by the MONEYVAL Secretariat was intended to familiarise all of the national stakeholders involved in the evaluation with the standards and methodology used by the Financial Action Task Force (FATF) and the MONEYVAL approach to evaluation. The role of the private sector in preventing money laundering and terrorist financing was particularly emphasised.
Attendance from right across the private sector was strong, with participants ready and willing to contribute to thoroughly preparing for the evaluation. The calendar is taking shape: the evaluation team, comprising six experts, will visit the Principality in February 2022, and the evaluation report is set to be published at the end of next year.
The MONEYVAL Secretariat highlighted the spirit of dialogue between evaluators, auditors and regulated organisations, and clarified the significance of the role played by SICCFIN, the contact point for all discussions between MONEYVAL, regulated organisations and the authorities.
Michel HUNAULT, the Director of SICCFIN, is also head of the Monegasque delegation to the MONEYVAL Committee. A hundred people from the public and private sectors completed the training. The afternoon bore witness to the mobilisation of all sections of the Monaco Government: the courts, the police, the Ministry of Finance, etc. Overall, the day illustrated a collective awareness of what is at stake in terms of the Principality’s reputation and trust.