Amendment to the EU-Monaco monetary agreement annexes

By Sovereign Ordinance No. 8.334 of November 5, 2020, the Principality of Monaco updated Annexes A and B of the Monetary Agreement of November 29, 2011 concluded with the European Union. 

Amendment to Annex A

The list in this Annex enumerates the legislation directly applicable to the activity and control of financial institutions in Monaco.

The following Regulation has been added to the list :

• Regulation (EU) 2019/630 of 17 April 2019 regarding the minimum loss coverage for non-performing exposures originated since April 26, 2019 and those originated prior to this date for which the change in conditions leads to an increased exposure.

Significant amendments to Annex B

The list in this Annex establishes the measures to be taken by the Principality of Monaco in banking and financial matters for the prevention of money laundering, fraud, and counterfeiting.

In that respect, Monaco will have to implement equivalent measures to those provided by the following texts :

• Commission Delegated Regulation (EU) 2019/758 of 31 January 2019 in regard to regulatory technical standards by specifying the minimum action to be taken by credit and financial institutions and the type of additional measures  theymust take to mitigate the risks of money laundering as weel as terrorist financing in certain third countries.

Its implementation deadline is set for December 31, 2020.

• Directive (EU) 2018/1673 of 23 October 2018 on combating money laundering by criminal law by moving towards a standardization of primary offenses and criminal sanctions in the fight against money laundering between the EU states and Monaco.

Its implementation deadline is set for December 31, 2021.

• Directive (EU) 2019/713 of 17 April 2019 on combating fraud and counterfeiting of non-cash means of payment.

Its implementation deadline is set for December 31, 2021.

To access Sovereign Ordinance No. 8.334 of November 5, 2020:

https://journaldemonaco.gouv.mc/Journaux/2020/Journal-8512/Ordonnance-Souveraine-n-8.334-du-5-novembre-2020-modifiant-les-annexes-A-et-B-de-l-Accord-monetaire-conclu-le-29-novembre-2011-entre-l-Union-europeenne-et-la-Principaute-de-Monaco

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