Inspectors give Monaco their worst rating for the way it prosecutes money laundering and recovers assets
When a team of European inspectors visited Monaco last year, they expected to see significant progress on Prince Albert’s pledge that the principality would develop a robust programme to stop financial crime.
Instead, they found that ownership databases were largely incomplete, reports on suspicious transactions were filed months late, and authorities lacked the resources or sophistication to tackle the most complex investigations. The findings led the inspectors to give Monaco their worst effectiveness rating for the way it prosecutes money laundering and recovers assets...
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