FATF: Monaco over first hurdle towards coming off the grey list

The Financial Action Task Force (FATF) validated Monaco’s efforts on 13 June in Strasbourg. The joint GAFI-MONEYVAL plenary meeting confirmed the Principality’s advances.

All the actions required within the deadlines were deemed to have been “largely addressed.” Monaco was placed on the grey list in June 2024. This first revision therefore represents a crucial step towards rehabilitation. The international authorities welcomed the domestic measures that had been implemented. They concern combatting money laundering, terrorism funding and corruption. Progress was also noted on future actions. FATF and MONEYVAL expressed their satisfaction with the quality of the discussions. They recognise the effectiveness of the national system, now reinforced. This validation opens the door to the rest of the process.

Concerted efforts

This achievement is the result of an unprecedented coordinated effort. The National Coordination Committee brought together all the relevant departments. The entire Monegasque administration has been hard at work since June 2024. The coordination effort involved all appropriate authorities. It concerns combatting money laundering, terrorism funding and corruption. The work is being steered by the National Strategy Monitoring Committee. At the same time, Monaco is now on the European list of high-risk countries. This is automatic fallout from the FATF status as per Europe’s methodology. However, it remains subject to the approval of the European Parliament or the EU Council. MONEYVAL had already recognised Monaco’s technical compliance in December 2024. The Principality complies with 39 of the 40 recommendations.

On course for June 2026

Monaco is pursuing its objective of definitively coming off the grey list. The Principality is fully committed to continuing its efforts on the remaining actions in the action plan. The authorities are determined to meet the planned deadlines. The Prince’s Government expressed its gratitude to the FATF and MONEYVAL for the quality of the discussions. It also praised the coordinated work of all the departments involved. The results achieved stem from an ambitious national strategy. It aims to ensure an effective system for combating money laundering and terrorism funding. This global approach also seeks to prevent the proliferation of weapons of mass destruction.