Money laundering prevention: Didier Guillaume chairs first Committee meeting

Monaco – September 23, 2024

The Minister of State called for the engagement of all parties to reach the defined targets within the 18-month timeframe.

On Friday, Minister of State Didier Guillaume chaired his first meeting of the Coordination and Monitoring Committee on the national strategy to combat money laundering, corruption, terrorism funding, and the proliferation of weapons of mass destruction.

Samuel Vuelta Simon, Secretary of State, Director of Judicial Services, Lionel Beffre, Advisor to the Minister for the Interior, and Éric Arella, Comptroller in charge of the Police Department Directorate, attended the Special Committee for the first time.

A national priority

In his opening remarks, Didier Guillaume expressed his gratitude to the participants for the progress made since “the adoption of the mutual evaluation report by the Moneyval Committee in December 2022.” The progress includes the development and implementation of a comprehensive national strategy, improved cooperation at both national and international level, the creation of new authorities (The Autorité Monégasque de Sécurité Financière (AMSF – Monegasque Financial Security Authority) and a Department for the Management of Seized or Confiscated Assets), as well as an increase in the number of investigations into money laundering cases.

Keen to “protect the integrity of Monaco’s economic and financial system,” during the meeting the Committee adopted the terms of reference of the Permanent Secretariat, a new body responsible for coordinating the implementation of the national strategy “ensuring cross-disciplinary discussions and action monitoring.”

The Minister of State also reiterated the stipulations of the FATF Action Plan, stressing the importance of achieving the set targets within 18 months. Didier Guillaume emphasised the need for all parties to keep up their efforts and engagement.

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The Special Investigation Commission (SIC) is a multi-function financial intelligence unit (FIU) with judicial status. It is the center piece of Lebanon’s AML/CFT regime, a platform for international cooperation and plays a vital role in safeguarding concerned sectors from illicit proceeds.
The SIC’s tasks include receiving and analyzing suspicious transaction reports (STRs), conducting financial investigations, lifting banking secrecy, freezing accounts and/or transactions and forwarding them to concerned judicial authorities. 
With respect to terrorism and the financing of terrorism, the SIC is also empowered to prevent the use of movable or immovable assets. In addition to sharing ML/TF intelligence with counterparts and coordinating with foreign/local competent authorities on requests of assistance (ROAs), the SIC also proposes AML/CFT regulations and issues regulations and recommendations to concerned parties. 
AML/CFT supervision via risk based compliance examinations that cover banks and other reporting entities to ensure proper implementation of prevailing regulations is also among its tasks.

Law No. 44 criminalizes illicit proceeds that are derived from the following offences:

1. The growing, manufacturing, or illicit trafficking of narcotic drugs and/or psychotropic substances according to the Lebanese laws. 
2. The participation in illegal associations with the intention of committing crimes and misdemeanors. 
3. Terrorism, according to the provisions of Lebanese laws. 
4. The financing of terrorism or terrorist acts and any other related activities (travel, organizing, training, recruiting…) or the financing of individuals or terrorist organizations, according to the provisions of Lebanese laws. 
5. Illicit arms trafficking. 
6. Kidnapping, using weapons or any other means. 
7. Insider trading, breach of confidentiality, hindering of auctions, and illegal speculation. 
8. Incitation to debauchery and offence against ethics and public decency by way of organized gangs. 
9. Corruption, including bribery, trading in influence, embezzlement, abuse of functions, abuse of power, and illicit enrichment. 
10. Theft, breach of trust, and embezzlement. 
11. Fraud, including fraudulent bankruptcy. 
12. The counterfeiting of public and private documents and instruments, including checks and credit cards of all types and the counterfeiting of money, stamps and stamped papers. 
13. Smuggling, according to the provisions of the Customs Law. 
14. The counterfeiting of goods and fraudulent trading in counterfeit goods. 
15. Air and maritime piracy. 
16. Trafficking in human beings and smuggling of migrants. 
17. Sexual exploitation, including sexual exploitation of children. 
18. Environmental crimes. 
19. Extortion. 
20. Murder. 
21. Tax evasion, in accordance with the Lebanese laws

Money-laundering operations may occur in any business especially:  
· Banks  
· Other financial institutions (insurance, mutual funds, etc.)  
· Money exchange firms  
· Antique dealers  
· Real estate concerns  
· Jewelry dealers