In the Principality of Monaco, Law no. 1.549 of July 6th, 2023 adapting legislative provisions to combat money laundering, terrorist financing and proliferation of weapons of mass destruction (Part I) transforms the “Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN)” into the Monegasque Financial Security Authority – “Autorité Monégasque de Sécurité Financière (AMSF)”.
Until now, SICCFIN has been an administrative department of the State, but from now on AMSF will be an independent administrative authority, with extended powers, and will perform the following three functions:
- Financial intelligence unit function: to receive and analyse suspicious transaction reports received from bodies and persons subject to Law no. 1.362 of August 3rd, 2009, as amended, as well as all relevant information concerning the fight against money laundering, the associated underlying offences referred to in article 218-3 of the Criminal Code, the financing of terrorism and the proliferation of weapons of mass destruction and corruption.
The AMSF also analyses suspicious transaction reports and relevant information sent to it by the « Conseil de l'Ordre des avocats-défenseurs et avocats ».
- Supervisory function: to supervise and ensure compliance by bodies and persons subject to the provisions of the law with their obligations to ensure that the persons who effectively manage them, their members, their shareholders and their beneficial owners are of good repute as defined by Sovereign Order.
The AMF's supervisory department continuously monitors compliance by these bodies and persons with these good repute requirements.
- Sanction function: to impose administrative sanctions on those subject to its jurisdiction (including, from now on, notaries and bailiffs). Sanctions will no longer be imposed by the Minister of State, but directly by the AMSF, while respecting the principle of independence from government.
The AMSF may also impose sanctions on the directors of the body or legal entity being prosecuted, as well as on employees, agents or persons acting on behalf of these bodies or legal entities, on the grounds of their personal involvement.