Monaco and European grey list: an automatic and expected procedure

Given its expected inclusion on the European list of countries with a “high risk” of money laundering, Monaco restated its determination to put in place all the necessary measures to rapidly restore its pristine financial reputation.

On Tuesday, the European Commission announced that Monaco had been added to its list of “high-risk” countries for money laundering, a decision prompted by European institutional logic. “According to the methodology systematically followed by the European Commission, third countries placed on the FATF’s “grey list”, as was the case of Monaco in June 2024, have to be added to the European Union’s own list,” explained the Prince’s Government in its press release.

Although the inclusion was expected, it is conditional:  “The Monegasque Government has taken note of this expected update, which would lead to Monaco being placed on the EU’s list, unless the European Parliament or the Council of the EU decides otherwise.” 

Noted progress

Far from being discouraged, the Principality pointed out the considerable progress already made. The results speak for themselves: MONEYVAL recognised in December 2024 that Monaco is now compliant with 39 out of 40 recommendations, demonstrating sustained efforts in terms of technical compliance.

“Pursuing its objective of being removed from the grey list in the short term, the Principality of Monaco confirms its determination to implement the actions of the FATF Action Plan according to its set schedule. An update on the progress already made will be given at the next combined FATF-MONEYVAL plenary meeting, scheduled for June 10-13 in Strasbourg.”

National Council commitment

The National Council, through its President Thomas Brezzo, is fully on board: “I pledge that the Assembly will remain fully committed, along with the Government, which will have to take the necessary steps to demonstrate the effectiveness of our AML/CFT system in order to obtain removal from the FATF grey list in June 2026.” 

This determination is accompanied by strong support for Monegasque economic players: “I would like to restate my support for all economic stakeholders who are fully committed to the fight against money laundering,” said Thomas Brezzo, acknowledging the daily challenges they face.

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Legislative urgency

To achieve these ambitions, the Monegasque elected representatives are urging the Government to speed up the legislative process. “The National Councillors once again call on the Government to introduce legislation as soon as possible to enable the stakeholders concerned to achieve the objectives they are bound by,” they say.

With its legislation now “fully compliant with international standards,” Monaco is now focusing on the effectiveness of its anti-money laundering measures, determined to regain its place among Europe’s most respected financial centres.