Monaco Added to EU List of High-Risk Money Laundering Jurisdictions
Monaco reaffirms its commitment to enhancing its financial reputation following its expected designation as a high-risk jurisdiction by the European Commission.
The European Commission has announced the addition of Monaco to its list of countries identified as 'high risk' for money laundering activities.
This decision aligns with ongoing European institutional processes, reflecting guidelines established by the Financial Action Task Force (FATF).
According to official communications from the Princely Government, Monaco was placed on FATF's grey list in June 2024, which typically leads to its listing by the European Union.
While this listing is anticipated, it remains subject to confirmation by either the European Parliament or the EU Council.
The Government of Monaco has acknowledged this expected update regarding its classification.
In response to this designation, Monaco has emphasized its significant progress in addressing compliance with international standards.
MONEYVAL, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, recognized in December 2024 that Monaco now adheres to 39 out of 40 recommendations, highlighting the Principality's ongoing efforts to enhance its regulatory framework.
The Government has articulated its commitment to adhere to the FATF Action Plan to facilitate the removal of its grey listing in the near term.
A critical review point will occur during the FATF-MONEYVAL plenary scheduled for June 10-13 in Strasbourg.
The National Council has pledged its unwavering support, as articulated by its president, Thomas Brezzo, who asserted the Assembly’s dedication to assist the Government in demonstrating the effectiveness of its anti-money laundering and counter-terrorist financing measures with the aim of achieving delisting from the FATF grey list by June 2026.
Furthermore, Brezzo extended support to economic actors in Monaco, acknowledging their continuous efforts in combating money laundering despite the challenges faced.
To realize these objectives, Monaco's lawmakers have urged the Government to expedite legislative processes.
National Council members have called for prompt submission of necessary legal texts to enable stakeholders to meet the regulatory standards imposed upon them.
With legislation reportedly now 'fully compliant with international standards,' Monaco is focused on improving the efficacy of its anti-money laundering framework as it seeks to regain its status as a reputable financial center in Europe.
This decision aligns with ongoing European institutional processes, reflecting guidelines established by the Financial Action Task Force (FATF).
According to official communications from the Princely Government, Monaco was placed on FATF's grey list in June 2024, which typically leads to its listing by the European Union.
While this listing is anticipated, it remains subject to confirmation by either the European Parliament or the EU Council.
The Government of Monaco has acknowledged this expected update regarding its classification.
In response to this designation, Monaco has emphasized its significant progress in addressing compliance with international standards.
MONEYVAL, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, recognized in December 2024 that Monaco now adheres to 39 out of 40 recommendations, highlighting the Principality's ongoing efforts to enhance its regulatory framework.
The Government has articulated its commitment to adhere to the FATF Action Plan to facilitate the removal of its grey listing in the near term.
A critical review point will occur during the FATF-MONEYVAL plenary scheduled for June 10-13 in Strasbourg.
The National Council has pledged its unwavering support, as articulated by its president, Thomas Brezzo, who asserted the Assembly’s dedication to assist the Government in demonstrating the effectiveness of its anti-money laundering and counter-terrorist financing measures with the aim of achieving delisting from the FATF grey list by June 2026.
Furthermore, Brezzo extended support to economic actors in Monaco, acknowledging their continuous efforts in combating money laundering despite the challenges faced.
To realize these objectives, Monaco's lawmakers have urged the Government to expedite legislative processes.
National Council members have called for prompt submission of necessary legal texts to enable stakeholders to meet the regulatory standards imposed upon them.
With legislation reportedly now 'fully compliant with international standards,' Monaco is focused on improving the efficacy of its anti-money laundering framework as it seeks to regain its status as a reputable financial center in Europe.
