Fight against money laundering: the European Commission proposes updating its list, includes Monaco

Vue Monaco depuis la Tête de Chien © Direction de la Communication

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. The Commission has thus taken the steps required to add or remove from its list all countries which have been included or removed from the FATF’s grey list since the last update – with the exception of European Union member states or some other assimilated countries.

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.

It would also like to reaffirm the ongoing commitment of the departments and authorities involved in implementing the actions agreed upon with the FATF, under the impetus of the Committee for Coordination and Monitoring of the National Strategy to Combat Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction and Corruption, with the support of its Permanent Secretariat, and in regular communication with European authorities.

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.

With regard to technical compliance, the results of Monaco's efforts have already been recognized by MONEYVAL in December 2024, bringing the number of positively rated recommendations (FATF rules) to 39 out of a total of 40.