The banking sector of Monaco obtained the agreement of the I.R.S (Inland revenue services) on customer identification rules, main instrument of the fight against the money laundering.
This was a revenge for the banking sector in Monaco after facing the numerous attacks within the year 2000 concerning the money laundering : American authorities have just acknowledged their customer identification rules. More precisely, from January 1st 2001, new rules will govern investments made in the United States from foreign territories. As for the other financial sectors worldwide, Monaco had to present to the I.R.S (Inland revenue service) the measures taken for the identification of customers by banking and financial establishments as well as the procedures and obligations these establishments are subjected in the fight against laundered money.
The Principality strengthens its system
For Monaco, this 'American' acknowledgement is important on two levels. On one hand, it allows to keep on dealing with customers owing American securities or investing in the United States. Without this consent, the banks of Monaco, that make their turnover in 'private banking' would have encountered difficulties for every investment in the United States. On the other hand, Monaco is in a way 'laundered' by an American official body, accusations of laxness have increased lately (Gafi's report, wrestling match with France, etc).
Obviously, in Monaco, the financial sector is delighted of this American acknowledgment. All the more as Joseph-Alain Sauzier, AMB's general delegate willingly points out that 'only thirty countries or so out of 160 have obtained this consent today and for example, the Liechtenstein didn't get it.'However, Monaco keeps on strengthening its system by agreements on the fight against the laundering of money together with other European countries. In this way, the Principality has just made an agreement with Spain, close to the existing one with the French Tracfin (body in charge of the fight against the money laundering) with the similar body of Belgium.
'The Principality actively takes part in the debates with other countries, in particular European countries, in the aim of concluding similar agreements from the beginning of the year 2001', as was announcing a press release. With this conclusion : the permanent development of this international cooperation is part of a global voluntary policy recently marked by the European Council's application to join the convention of November 8th 1990 and the doubling of staff within the SICCFIN'.The information and control Service on financial networks that France was precisely blaming for its lack of funds…