The announcement of a decision to list Monaco as a sub-optimal jurisdiction in terms of financial transparency and money-laundering is expected in the next few days, possibly as soon as Friday, June 28, according to the international financial press.
Bloomberg is convinced that the decision will come within hours, while BizNews says: “With its economy heavily reliant on financial services, Monaco’s bid to avoid scrutiny hinges on international consensus amid mounting pressure from global watchdogs.”
The ongoing plenary meeting of FATF in Singapore, which ends on Friday, is likely to be the forum at which the grey listing is announced, according to reports. The Financial Action Task Force, almost always identified by its initials, has been studying Monaco’s compliance with money-laundering standards over several years, as has the Council of Europe’s Moneyval body.
The decision on Monaco’s status had been expected earlier this year. If a grey listing is pronounced, it is expected to complicate Monaco’s international financial transactions, although just how remains to be seen.
Ironically, the FATF meeting in Singapore is being held at the same time that six Monaco bankers are on trial in the Principality on charges of accepting large cash deposits of dubious provenance.
And, coincidentally, a delegation from Monaco’s National Council, led by its President, Thomas Brezzo, has been visiting Strasbourg, Moneyval’s seat, where, according to the National Council: He seized the opportunity… “to raise awareness among those involved about the important and rigorous legislative work implemented by the National Council. While the FATF will publish in the next few days its report on Monaco, the President underlined the commitment continuous operation of the Principality to meet the best international requirements particularly in the fight against money laundering.”
The press release added: “Thomas Brezzo and the members of the National Council delegation will continue to play an active and responsible role within the international community and will travel again to Strasbourg, at the beginning of October 2024, to celebrate the 20th anniversary of Monaco’s accession to the Council of Europe.”
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PHOTO: Thomas Brezzo
