July 2024
Added to the “grey” list of the Financial Action Task Force (FATF) on June the 27th,2024, the Principality of Monaco, aware of the importance of a transparent and secure financial system, is committed to working closely with the relevant international organizations to combat money laundering and terrorism financing.
Keen to perfect its administrative, legal and judicial arsenal, the Government of the Principality has expressed its commitment notably to deepening its understanding of the risks, intensifying requests for mutual judiciary assistance from third countries, guaranteeing the enforcement of dissuasive sanctions, strengthening the resources of its financial intelligence unit, optimising the efficiency of its judicial system and intensifying measures to seize assets suspected of originating from criminal activities.
First and foremost, it is essential to remember that most of the countries entering “grey” list demonstrate their political commitment to strengthening their systems for combating money laundering and terrorism financing. Many of these countries are no longer “grey” listed within five years. As far as the Principality is concerned, the FATF’s action plan spreads out one year and a half, with two intermediate milestones in May 2025 and September 2025.
In addition, being “grey” listed by the FATF means that the jurisdiction in question is actively working with the FATF to improve its systems for combating money laundering and terrorism financing, and the FATF does not call for any sanctions because of this “grey” listing.
Finally, the Government of Monaco intends to work actively with the FATF in order to improve its anti-money laundering and counter terrorist financing measures and resources, with the stated intention that by 2026, the Principality will no longer be “grey” listed.
Our team remains at your disposal to support you and answer your questions in this area.
A.L.F.A MONACO