Details of the penalties imposed by the Minister of State in response to recommendations from the Audit Report Review Commission (C.E.R.C.)

Following a visit from the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) from 21 February to 4 March 2022, the Principality of Monaco has stepped up its fight against money laundering, the financing of terrorism and corruption.

At least 38 companies were sanctioned for breaches of the relevant legal and regulatory provisions, with 56 penalties being imposed:

- In 2022 (following the visit by the Committee of Experts):

• 12 companies were sanctioned
• 6 warnings were issued
• 4 reprimands were issued
• 6 financial penalties were imposed

- In 2023:

• 17 companies were sanctioned
• 5 warnings were issued
• 10 reprimands were issued
• 12 financial penalties were imposed
• 1 temporary withdrawal of a licence to practise for 6 months (suspended)

- In 2024:

• 9 companies were sanctioned
• 4 warnings were issued
• 4 reprimands were issued
• 4 financial penalties were imposed

The amount of the financial penalties imposed now stands at €1,424,500:

• €280,000 from the financial sector
• €406,500 from the property sector
• €738,000 from outside the financial sector (excluding the property sector)

or

- €173,000 in 2022, broken down as follows:

• €30,000 from the financial sector
• €23,000 from the property sector
• €120,000 from outside the financial sector (excluding the property sector)

- €1,013,500 in 2023, broken down as follows:

• €50,000 from the financial sector
• €383,500 from the property sector
• €580,000 from outside the financial sector (excluding the property sector)

- €238,000 in 2024, broken down as follows:

• €200,000 from the financial sector
• €38,000 from outside the financial sector (excluding the property sector)

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