Following the Principality’s placement on the FATF’s ‘grey list’ for enhanced surveillance, Monaco’s National Strategy Coordination and Monitoring Committee convened under the Minister of State to examine the FATF action plan on Wednesday, July 10.
The meeting, attended by competent authorities and representative bodies, reviewed the current situation and emphasized the need for continued efforts to ensure Monaco’s removal from the grey list by June 2026.
Pierre-André Chiappori, Government Counsellor-Minister of Finance and Economy, led the Monegasque delegation at the FATF plenary session in Singapore. He acknowledged the grey list status as unfortunate but highlighted the significant progress Monaco has made.
Chiappori clarified misconceptions about Monaco’s involvement in laundering tax fraud abroad, stating, “This is absolutely false. What is asked of us is to refine our mapping of the risks linked to laundering of tax fraud abroad, by equipping ourselves with a more precise methodology.”
The committee reviewed the points of the action plan agreed with the FATF, which includes continued recruitment for the Monegasque Financial Security Authority (AMSF), enhancing international mutual assistance requests, and improving the effectiveness and number of sanctions.
The Minister of State called for ongoing dialogue between the government and all affected sectors to address any challenges arising from the enhanced surveillance.
Featured image courtesy of Communication Department – Manuel Vitali: FATF Committee