CTF in Financial Centres: Monaco

On 12-13 April 2021, Project CRAAFT held an online workshop for Monégasque stakeholders on the role and application of Countering Terrorist Financing (CTF) in financial centres and the subsequent challenges faced. The workshop featured presentations by leading financial crime experts from the FinTech industry, research world and law enforcement who helped participants anticipate the type of terrorist financing threat to which they could be most at risk. Special emphasis was placed on threats that could impact financial centres such as Monaco, both at a domestic level (for example as relates to high profile events and with regards to the country’s porous borders with neighbouring regions) as well as via the role Monaco plays as a facilitator of international financial flows. The workshop also presented awareness raising presentations on terrorist financing, the role of financial centres in CTF and the importance of implementing targeted financial sanctions. Participants represented both the public and private sectors who were provided the opportunity to work through various “war-game” scenarios.  Through a series of ‘what if?’ scenarios, participants were able to see first-hand the advantages of forming public-private partnerships to better understand and anticipate the risks they face and the information they have which could prove useful in addressing terrorist financing.