The intergovernmental body praised the principality for making significant progress in strengthening its anti-money laundering and counter-terrorist financing regime. While the move offers a substantial boost to the local financial sector—home to major institutions like Barclays, UBS, and Edmond de Rothschild—the FATF emphasized that Monaco must continue collaborating with MONEYVAL to sustain these structural improvements.
Monaco Exits FATF Grey List After AML Reforms
The Financial Action Task Force has officially removed Monaco from its list of jurisdictions under heightened scrutiny for money laundering and terrorism financing. The decision, finalized at the recent plenary meeting under the UK Presidency, marks the end of a monitoring period that began only in June 2024.
Alongside Monaco, the FATF cleared Bulgaria, Côte d’Ivoire, and the Democratic Republic of the Congo from the grey list. During the same session, the organization prioritized accelerating global standards for virtual assets to counter the misuse of digital currencies in illicit financing. Meanwhile, the FATF maintained its hardline stance on high-risk jurisdictions, specifically urging Iran to criminalize terrorism financing and demanding that Myanmar address the surge of fraud and scam operations originating from its borders.
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