By Marco Hugo Barsotti MHB 
You are listening to a new special from am1575news, Francia24 and Radio Centrale Milano, in podcasting and on the airwaves.
The Principality of Monaco has finally obtained the international recognition it has been awaiting for over two years. This Friday, at 5:30 PM, the Financial Action Task Force officially announced the removal of the territory from the gray list, the list of countries presenting strategic deficiencies in the fight against money laundering and terrorist financing.
The decision came after a long wait that saw international experts conduct field assessments to evaluate the progress of the city-state. The journey was marked by a series of urgent reforms approved by the National Council to address the critical issues previously highlighted.
Structural reforms and new investigative powers
The success of this operation is based on six fundamental pillars that have transformed the Monegasque legislative arsenal. Among the most significant progress are a better understanding of risks related to international tax fraud and an increase in requests for the identification and seizure of assets of criminal origin abroad.
A crucial point was the strengthening of the judicial system. The system was reinforced through an increase in resources allocated to investigating judges and prosecutors, with the goal of applying sanctions that are not only effective but also deterrent and proportionate to the gravity of the crimes committed.
The financial authority’s oversight action
At the center of this transformation is the Monegasque financial security authority, known as the AMSF. Under the guidance of high-profile experts, the body has seen its staff quadruple, now numbering eighty operators. This has allowed for a steady increase in reports of suspicious transactions, involving non-financial sectors such as notaries and casinos.
A strong signal of the new strategy is the creation of a specific service for the management of seized or confiscated assets. To date, this entity manages wealth profiles totaling 434 million euros, a significant portion of which is concentrated in the real estate sector.
Heavy sanctions against major financial actors
The new policy of rigor has not spared the big names in the banking sector. In fact, the supervisory authority has struck several players in the financial market hard with significant administrative sanctions. Among the most relevant measures is the fine imposed on the Monegasque branch of the Swiss bank UBS, which had to pay six million euros.
Other important sanctions involved the wealth manager Julius Baer, with a fine of one and a half million euros, and the bank Havilland, now renamed Moncrief Private Bank, which was hit with a fine of one million euros. With this result, Monaco realigns itself with the highest international standards of transparency and financial security.
That is all for now. From the newsrooms in Nice and Paris, this is am1575news, Francia24 and Radio Centrale Milano.
Source: AudioVisione – AM 1575 News