The Committee for Coordination and Monitoring of the National Strategy assesses the FATF action plan.

©Direction de la Communication - Manuel Vitali

The full meeting of the Committee for Coordination and Monitoring of the National Strategy on the Fight Against Money Laundering, Terrorist Financing, Proliferation of Weapons of Mass Destruction and Corruption was held on Wednesday, 10 July, under the chairmanship of the Minister of State.

The meeting was held for all the relevant authorities and representative bodies to discuss the FATF's decision to place the Principality under the enhanced surveillance regime known as the "grey list".

Pierre-André Chiappori, Minister of Finance and the Economy, who led the Monegasque delegation at the FATF plenary session in Singapore, raised the following points:

"The grey list is not good news, however, the FATF recognises the significant progress the Principality has made. It's therefore imperative that all the local stakeholders who are involved in this process continue their efforts to ensure that the Principality is removed from the grey list at the FATF plenary session in June 2026."

He went on to set the record straight on certain media claims that "Monaco has been singled out for laundering the proceeds of income tax fraud committed abroad", affirming that such claims "are completely false." We are being asked to fine-tune our risk map in relation to the laundering of the proceeds of income tax fraud committed abroad by developing a more precise approach".

Points in the action plan agreed between the FATF and the Principality were reviewed: "This action plan is relatively short in terms of content and duration, which is an encouraging sign," said Mr Chiappori. It concerns both the continuation of the recruitment plan of the Monegasque Financial Security Authority (AMSF) and increasing requests for international mutual assistance, as well as the effectiveness and number of sanctions."

In conclusion, the Minister of State called for "a permanent dialogue to be established between the Government and the representatives of all the sectors affected by this monitoring procedure in order to address any difficulties that may occur as a result of the Principality being placed on the grey list."